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Pharmaceutical R&D industry report provides insights into what’s behind decline in global NME outputs and reveals implications of decreased projected expenditures.
vate today announced the release of the 2020 Centre for Medicines Research (CMR) International Pharmaceutical R&D Factbook. The factbook reveals a decrease in R&D spending for the first time since 2016. While previous predictions for 2022 expenditure exceeded $86 billion, this year, 2022 expenditure is forecasted to reach $80 billion, with new factors such as COVID-19 impacting drug development.
The Centre for Medicines Research, a subsidiary of Clarivate, has released the report to help pharma and biotech companies assess R&D productivity and provide insights into industry trends which will inform drug development efforts. It provides insights on R&D expenditures, cycle times, pipeline growth and more to allow Pharma and Biotech companies to access and analyze success rates and key activities from drug discovery through commercialization.
The 2020 CMR International Pharmaceutical R&D Factbook reveals drug development continues to be complex, challenging, and time consuming. The burden of existing diseases and the recent COVID-19 pandemic has also had an impact on drug development. While inroads have been made to tackle these complex communicable and non-communicable diseases, delivering new treatments in an accelerated and cost-efficient manner remains a significant challenge.
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