Chapter 2 – Accelerating the Pace and Cost-Effectiveness of Clinical Trials with Radiomics
Chapter two of our Seeing Below the Line Ebook discusses how radiomics brings to light previously undiscoverable imaging data to accelerate the pace and cost effectiveness of your clinical trials.
Unlike many industries that create a product then look for a market, life sciences organizations are very methodical about first identifying a need for a specific drug before beginning the development process. This approach is largely driven by the economics of the process.
The Tufts Center for the Study of Drug Development estimates that the cost to bring a new drug to market is more than $2.8 billion. Other industry studies place the baseline at $1 billion, with costs for oncology and immunology-related therapeutics, which account for 90% of the spend, showing a median of $2.8 billion and a mean of $4.5 billion.