Magazine article Drug Topics

R&D Budgets Top $20 Billion, and Pipeline Is Full

Magazine article Drug Topics

R&D Budgets Top $20 Billion, and Pipeline Is Full

Article excerpt

Brand-name drug companies will spend more than $20 billion this year to discover and develop new medicines. The investment represents nearly an 11% increase over 1997, according to an annual survey by the Pharmaceutical Research & Manufacturers of America. The industry's R&D budget more than tripled in the past 10 years.

"As we prepare to enter the 21 st century, the pharmaceutical pipeline is bursting with potential cures and innovative treatments," said PhRMA president Alan F. Holmer. "We are at the dawn of a golden era for pharmaceuticals, helped by new research tools such as genomics," said Sidney Taurel, PhRMA chairman and president of Eli Lilly & Co. "We are opening up the opportunity to revolutionize health care and thereby raise expectations of patients throughout the world."

At a news conference, Taurel and Holmer applauded the Food & Drug Administration for approving 39 new molecular entities (NMEs) in 1997, the second most in FDA history, in an average of 16. …

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