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- Drug development costs range from $2 to $3 billion and may span from 7 to 12 years.
- Beginning with drug discovery, key steps in the process include preclinical testing, Phase 1–3 clinical trials, FDA New Drug Application (NDA) approval, and subsequent Phase 4 clinical research.
- Academic entrepreneurs should understand the unique needs of each phase and their potential role in the process, as well as the services their academic medical center can provide.
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"Overview of Drug Development,"
Academic Entrepreneurship for Medical and Health Scientists: Vol. 1
, Article 16.
Available at: https://repository.upenn.edu/ace/vol1/iss3/16