EU should learn from Australia on drug approval process | EurActiv

This is an important read from EurActiv on pioneering fast-track drug approval processes.

via EU should learn from Australia on drug approval process | EurActiv.

I have always been a champion of effective innovation and in the drug industry the gains from faster product development are really important.

It seems that in both the US Europe, it is taking longer and is more costly to get new drugs approved. There are a number of spin-offs.

Firstly, as is taking longer for life-saving new drugs to reach approval, so more people are suffering.

Secondly, the extended approval process adds hugely to the cost of development and is making drug companies more risk averse.

Thirdly, the higher development costs often equates to higher prices, and increasingly state-of-the art drugs are excluded from public health care systems, for example, in the UK’s NHS.

Thoughts?