• Target identification
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• Phase I trials
The process of discovering new drugs and getting regulatory approval is becoming ever more costly. At present, the total turnover of the world's pharmaceutical industry is roughly $350–$400 billion, while the cost of R&D is estimated at about $45 billion per year. In comparison, R&D investment was $5 billion in 1986 and $30 billion in 2001. In spite of the significantly larger spending on R&D, the total number of new chemical entities (NCEs) approved by the US Food and Drug Administration has not shown a commensurate increase. The number of NCEs licensed in a given year has remained relatively constant over the years, varying from 20 ...