Scientific advances such as the sequencing of the human genome have created great promise for improving human health by providing a greater understanding of disease biology and enabling the development of new drugs, diagnostics, and preventive services. However, the translation of research advances into clinical applications has so far been slower than anticipated (DiMasi et al., 2003; IOM, 2014). This is due in part to the complexity of the underlying biology as well as the cost and time it takes to develop a product. Recent estimates suggest, for example, that bringing a new drug to market requires expenditures in excess of $1 billion and a time frame of more than 10 years (Paul et al., 2010). Pharmaceutical companies are adapting their business models to this new reality for product development by placing increasing emphasis on leveraging alliances, joint development efforts, early-phase research partnerships, and public-private partnerships.
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