drug development can be improved, then more innovations may be pursued and eventually reach the patient. The Food and Drug Administration (FDA), through its Critical Path Initiative, has initiated a process to, in part, explore how the agency, industry, and academia can establish methods that would lower development costs (FDA, 2004). 470 J.A. DiMASI AND H.G. GRABOWSKI R&D costs for new drugs (including the costs of failures and time costs) have been estimated to average in excess…
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