The cost of biopharmaceutical R&D: is biotech different?

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How to improve R&D productivity: the pharmaceutical industry's grand challenge (2010, background): “Moreover, there is little evidence that the average costs of successfully launching an NME vary significantly between large pharmaceutical or small biotechnology companie”
Knowing when to leap: Transitioning between exploitative and explorative R&D (2014, background): “The early-stage costs incurred in exploratory R&D are significant; explicit estimates have been computed in a number of industries, including pharmaceuticals, biotechnology, and automobiles (DiMasi and Grabowski, 2007; Gagnon and Lexchin, 2008; Grabowski and Vernon, 1990; Harryson et al ., 2008).”