Speaker: You are all very familiar with this whole process where there is this step-wise approach to developing medicines. We started out with approximately a thousand new discoveries, things that somebody thinks is going to be punitive medicine in the end after they've gone through the discovery process and the preclinical work. The clinical work, we end up with one product. It's a lot of work and a lot of effort that's put into getting to that one product.
There's some estimates. If you look at the references here, this is really a study of a hundred different medicines that have come to the market and what the actual and opportunity costs were. Those costs are estimated to be anywhere between 1.5 and 2.6 and probably a really good estimate around $2 billion that it takes just to bring that medicine to be approved, but then you have to add onto that the costs that are associated with the R&D that is post-approval. That can be several hundred million dollars even post-approval. That's the average for all different kinds of drugs. I believe that because psychiatry studies are a little bit more difficult that the cost for those are actually even higher.
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