PHARMACEUTICAL INDUSTRY REVIEW
Anatomy of a
ig Pharma swallowed some bitter pills during 2004, with questions surfacing about big-name prescription and over- the-counter pain relievers, the shortage of flu vaccine, assorted lawsuits and the threat of increased FDA scrutiny.
But while the industry may
A Milken Institute study released in October 2004 indicates the biopharmaceutical pipeline will keep flowing, adding more than 122,000 jobs over the next decade. Milken's study projects the states with the best opportunity for biopharma growth over that period include California, Massachusetts, Pennsylvania, New York and Maryland.
But the product pipeline is a long one and movement is often slow. Boston's Tufts Center for the Study of Drug Development estimates a new prescription medicine costs US$802 million and takes up to 15 years to develop and win FDA approval. The FDA approved just 22 new prescription drugs during the first 11 months of 2004.
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