The costs of pharmaceutical R&D Significant R&D is required to bring new or improved therapeutics and diagnostics to the market and these activities are costly.
The total cost of developing new drugs has been reported as being more than $1 billion. Most of these costs are incurred overseas, but business expenditure in Australia on R&D for pharmaceutical development in 2010-11 was $1.00 billion.98 Figure 5.2 compares the growth in business expenditure on pharmaceutical R&D with that of total business expenditure on R&D in Australia as well as the Government expenditure on the PBS. For the purposes of this comparison, the graph plots hydrocodone bit apap the value of each of these expenditure series relative to the expenditure in the first year of the graph (1992-93). Up to 2010-11, growth in business spending on com cyrus site tramadol pharmaceutical R&D and on total R&D has exceeded the growth in PBS expenditure but there has been buy oxycontin online little difference in the growth in business pharmaceutical R&D and in total business R&D since 1999-00. Figure 5.2: Growth in Business Expenditure on Pharmaceutical R&D in Australia88 E o CO a> adderall zocor CN a) > J2 P (C > Financial Year -Business Expenditure on Pharmaceutical R&D relative to 1992/93 levels Total Business Expenditure on R&D relative to 1992-93 levels -•-Government PBS Expenditure relative to 1992-93 levels While much phentermine fluoxetine chest pain of this expenditure can be expected to come directly from companies, some may also be provided through government grants99 and/or be supported by government through the R&D Tax Incentives. Figure adderall zocor 5.3 is reproduced from the recently released report by The Grattan Institute, Australia's bad drug deal: High pharmaceutical prices.100 The figure compares the investment in different stages of pharmaceutical development, as a percentage of the overall investment, between Australia and the US. The majority of pharmaceutical R&D investment in Australia is in phase III trials and, as a proportion of the total investment, is much higher than in the US. Figure 5.3: Types of Pharmaceutical R&D, Australia and adderall zocor US, 2008 (reproduced from Duckett et. al.) 40% 0% art 60% 1 Australia i USA 1 adderall zocor 1 1 J 20% A(r) V(r)3 \ \\ $6r 9T Source: Commonwealth of Australia (2009) Extensions of term provide some compensation for the costs of bringing drugs to market, but the extent of this compensation would only be a small percentage of total R&D expenditure. Furthermore, when considering the global market, of which Australia has only a small share, the value of an Australian extension of term as compensation of the total costs of R&D is further diminished.
The estimated annual cost for 2005-06 caused by the provision of an extension and the delay in the entry of generics was $160 million.101 In current dollars, with an inflator of four per cent, the equivalent figure for 2012-13 is over $200 million. Another way to estimate these costs is to examine the impact of generics on PBS spending and the savings which might be achieved by reducing the term of extensions.
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