TIME & MONEY: Drug development is a costly, complicated and lengthy process. On average, it takes 12 years and $359 million to bring a new drug from the research lab to market. Many virtual, startup or small companies discover chemicals that likely have medicinal benefits, but are unable to bring them to market due to limited funding. While partnering with academia may seem like a cost-effective solution for small businesses, indirect fees or ownership/intellectual property sharing requirements can result in higher total costs than those found partnering with a standard CRO.
ACCURACY: The early discovery phase is one of the most challenging parts of the drug development process. On average, only five of every 5,000 drugs that begin preclinical testing make it to human testing.