Thanks to the pharmaceutical industry, many deadly diseases have been cured. For instance, Hepatitis C once required life-long treatment and potentially a liver transplant. Today, 90-95% of patients can now be cured after receiving an 8 to 12-week drug treatment. These types of helpful drugs must be put through clinical trials to make sure they are as safe as possible. Here are all of the facts on clinical trials and how they help the average person!
According to the International Federation of Pharmaceutical Manufacturers and Associations, as of the year of 2017, the research-based pharmaceutical industry spends nearly $150 billion on just research and development. This type of spending helps to make sure drugs are created that can help people out. Then from there, they must go through clinical trials to get the most out of their drugs.
According to The International Federation of Pharmaceutical Manufacturers and Associations, as of the year of 2014, five of the world’s leading 11 research and development firms were pharmaceutical companies. This is because they are looking to get the most out of their clinical trials process. The less there is a margin for error, the more efficient they can be with work.
According to the International Federation of Pharmaceutical Manufacturers and Associations by 2020, the global pharmaceutical industry will grow to reach a total value of $1.43 trillion. As this happens then the phase 1 drug trials, phase 2 clinical trial, and phase 3 clinical trial will only continue to grow as well. No drug can be cleared without going through the proper clinical trials.
The United States patent term for new drugs is 20 years, and patented drugs are eligible for five years of market exclusivity, which depends on the time between patent approval and U.S. Food and Drug Administration approval. Clinical research is so important in getting the proper types of drugs made. Tese drugs are so important because in certain cases they can potentially save someone’s life!
According to a 2016 report from the International Trade Association, there are an estimated 100,000 over-the-counter drug products marketed and sold in U.S. stores. Of the more than compounds under pharma researchers’ microscopes in 2015, only 56 were launched as new medicines, according to the European Pharmaceutical Review. New medicines are going to be able to break the barriers in terms of healing and helping.
There are typically four key phases in clinical trials. Phase one tests safety in human use; phase two tests the drug’s effectiveness in treating disease; phase three tests large-scale safety and effectiveness; finally, stage four tests long-term safety. Phase two clinical trials involve a larger group of people than phase one trials, and these studies can take up to two years.
A 2018 MIT research project examined 185,994 unique clinical trials involving 21,143 compounds, held between 2000 and 2015. MIT researcher Andrew Lo found a higher overall success rate than previous studies, with the overall chances of success at about 10% If you exclude oncology treatments, the overall probability of success of a clinical trial is about 20.9%, according to a new MIT study. Oncology drugs have a POS of just 3.4%.
In Conclusion
Every year there are people that volunteer and sign up to be a part of clinical trials. While this seems daunting and intimidating, it is important to keep in mind that this can help people when getting the proper help that they need. So make sure you fully understand how these types of drugs can help people survive with hurtful drugs.