title: Future of drug development: the economics of pharmacogenomics.
abstract: This report models how the evolving field of pharmacogenomics, the science of using genomic markers to predict drug response, may impact drug development times, attrition rates and costs. While there still remains an abundance of uncertainty around how pharmacogenomics will impact the future landscape of pharmaceutical and biological R&D, we identify several likely outcomes. We conclude pharmacogenomics (as defined in this context) has the potential to significantly reduce both expected drug development costs via higher probabilities of technical success, shorter clinical development times and smaller clinical trials. Our conclusions are, of course, accompanied by numerous caveats.
authors.affiliation: University of Connecticut, Department of Finance, Graduate School of Business, University of Connecticut & National Bureau of Economic Research (NBER), 2100 Hillside Road, Storrs, CT 06269-1041, USA. jvernon@business.uconn.edu.
authors.forename: John A
authors.initials: JA
authors.lastname: Vernon
authors.forename: Keener
authors.initials: K
authors.lastname: Hughen
authors.forename: Joseph H
authors.initials: JH
authors.lastname: Golec