Cost of drug development
Cost of Drug Development
The Cost of Drug Development (pronunciation: /kɒst ɒv drʌg dɪˈvɛləpmənt/) refers to the total expenses incurred during the process of creating a new pharmaceutical drug and bringing it to the market.
Etymology
The term is derived from the English words "cost" (from Old French coster, from Latin constāre meaning 'to stand at something, cost'), "drug" (from Old French drogue, possibly from Middle Dutch droge-vate meaning 'dry barrels', referring to medicinal plants conserved in them), and "development" (from Old French desveloper, 'to unwrap, unfurl').
Definition
The Cost of Drug Development encompasses all the financial inputs required in the various stages of drug creation, including R&D, Clinical Trials, regulatory approval processes, and post-approval monitoring.
Factors Influencing the Cost
Several factors can influence the Cost of Drug Development. These include the complexity of the drug, the duration and number of Clinical Trials, the regulatory environment, and the cost of post-approval monitoring and surveillance.
Related Terms
- R&D: The process of discovering, testing, and creating new products.
- Clinical Trials: Studies conducted with patients to determine the safety and efficacy of a new drug.
- Regulatory Approval: The process of getting approval from regulatory bodies to sell a new drug in the market.
- Post-Approval Monitoring: The surveillance after a drug has been released on the market to ensure its safety and efficacy.
External links
- Medical encyclopedia article on Cost of drug development
- Wikipedia's article - Cost of drug development
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