By The Associated Press
TEAMWORK: Ten major U.S. and European drugmakers have launched a collaboration, TransCelerate BioPharma, to improve the way experimental drugs are tested so they can get approved, and reach patients, faster.
THE PROBLEM: Research productivity has been declining while the cost of getting one new drug approved has risen from about $140 million in the 1970s to more than $1.2 billion. It takes 10 to 15 years from finding a compound to getting it approved by regulators.
THE GOAL: Pfizer and other participants aim to shorten that timeline and reduce costs along the way, freeing up money to investigate more drugs.
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