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.
Additional speakers included Michele Sharr, Director, Oncology/Hematology, Celgene Corporation who spoke on Industry Research in NJ and Shridar Ganesan, M.D., Ph.D., Associate Director for Translational Science and Chief, Molecular Oncology, Rutgers Cancer Institute of New Jerseywho spoke about A View of Academic Research in NJ.
"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!