[Pharm-policy] PhRMA response to Public Citizen report

[Mike Palmedo]

http://www.phrma.org/press/newsreleases//2001-07-23.244.phtml

July 23, 2001

Christopher Molineaux, Vice President, Public Affairs at PhRMA, issued
the following statement today in response to a paper released by Public
Citizen:

Public Citizen questions the accuracy of a study of drug development
costs by Tufts University economist Joseph A. Di Masi that has been
widely accepted by economists, scholars and government for more than a
decade. In fact, the Tufts figure is quite conservative. Lehman
Healthcare estimates that drugs beginning in development in 1995 will
have an average development cost of $675 million, and the Boston
Consulting Group projects that drugs beginning development this year
will have average development costs ranging from $590 million to $880
million.