Below are highlights from the report presented by Emma Van Hook, Directory of Policy & Research, PhRMA :
- Since 2004 there have been 4,967 clinical trials completed in NJ.
- There were 314 cancer clinical trials during that time period.
- 25,127 New Jersey patients participate in clinical trials around the state, generating $617 million in economic growth.
- The average cost of developing a new drug is ~ 2.6 billion dollars.
- Half of the cost of developing drugs ( ~$1.3B) is clinical trials.
- The biopharmaceutical industry supported more than 378,000 jobs in NJ.
Dean Paranicas, President and CEO of Healthcare Institute of New Jersey shared information on the biopharmaceutical industry in NJ.
- New Jersey is home to more than 3000 life sciences companies.
- Thirteen of the top 20 research-based biopharmaceutical companies in the world are headquartered or have a significant presence in NJ.
- There is a long history of collaboration between local academic and health care institutions in the state.
- It takes 8-12 years to develop a drug, complete clinical trials and receive FDA approval.
- 12% of drugs that start the development process are successful.
"Clinical trials are beneficial to patients, the economy and science. "- RIYB
I have been blessed with almost 12 years of survivorship and participating in clinical trials has been an important part of the survivorship.
Every Day is a Blessing!