2 Clinical Research Stocks That Could Grow by More Than 10% This Year, and 1 to Watch
Developing new drugs is time-consuming and costly. According to the National Center for Advancing Translational Sciences, the average period from therapy discovery to Food and Drug Administration (FDA) approval is 14 years and costs $1 billion. The kicker is that the failure rate of new drugs is 95%.
Clinical research organizations (CROs) and contract development and manufacturing organizations (CDMOs) are growing because the increasing price of developing, testing, manufacturing, and marketing therapies has made it more important that pharmaceutical companies speed the process along with fewer failures.
Rather than doing all the clinical trial work or manufacturing work in-house, more healthcare companies are turning to CROs and CDMOs to reduce overhead and expedite bringing therapies to market.
Source Fool.com
