And to be fair, the last number I saw on clinical trials estimated the cost at between 100 million and 800 million dollars per drug candidate, which means that

And to be fair, the last number I saw on clinical trials estimated the cost at between 100 million and 800 million dollars per drug candidate, which means that the sunk cost of any drug that works is going to be pretty high right out of the gate. On top of that, you have a VC-like model where the successes must also pay for the cost of failures as well as the funding of new R&D so that they can keep making new drugs.