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Share this article Share this article ResearchAndMarkets.com s offering. Drug discovery and development is a complex and time intensive process that requires a significant amount of resources and capital investments (~USD 2.6 billion). In fact, on an average, the journey from establishment of initial proof-of-concept to product launch, takes around 10-12 years. Moreover, regulatory approval is dependent on the results of randomized clinical trials (RCTs), which are estimated to account for a staggering 40% of the pharmaceutical industry s budget in the US. It is also well known that clinical research is fraught with various other challenges, including inefficiencies in medical data management and processing, unforeseen delays, risk of failure / study termination and several patient recruitment and retention-related concerns.

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