$100M-500M gets thrown around [1] but it's hard to find good data. This might seem not too high, but many drugs fail, and often fail at the most costly step (ph

$100M-500M gets thrown around [1] but it's hard to find good data. This might seem not too high, but many drugs fail, and often fail at the most costly step (phase III). So you have to be sure to factor that failure rate in. [1] http://www.manhattan-institute.org/html/fda_05.htm http://www.manhattan-institute.org/html/fda_05.htm