Is it greed or living in the past that holds back the clinical trial industry?
Well – it certainly isn’t science and technology innovation or even the FDA.At a recent executive roundtable, according to Tufts University’s Center for the Study of Drug Development director and associate professor Ken Getz, it is that many pharma corporations and CROs have not yet fully embraced the newest, most efficient technologies, and this has been a huge problem in recent years.
More expensive. Riskier than ever.
“Drug development cycle times have not gotten faster, costs continue to increase, and drug development has become riskier than ever with only 11.8% of products that enter clinical testing receiving regulatory approval, about half the rate of the 1990s,” says Getz.
Which, of course, is true, as we in the clinical trial industry know that it takes about a decade for a drug to be developed and on average seven years for it to be tested before it makes it to market, and only if it gains regulatory approval. So, what would happen if clinical testing time could be shortened?