An Economic Re-Examination of Current News Articles
Monday, June 10, 2013
FDA Approval Times
From the article "An exploratory study of FDA new drug review times, prescription drug user fee act, and R&D spending," Corrections depicts the time until FDA approval from submission (click to enlarge).
A hastening of the review process by about 3.6 years to 1 year represents an reduction by 71% of wait time: a dramatic technological improvement (or reduction of waste) accessible to the pharmaceutical industry, holding quality of drug constant.