To bring a drug to market, the expenditure tends to be around $1.2 billion. Of that, clinical trials account for 45-75% of the cost. Texas has recognized the value in both economic terms as well as the wellness that it can bring to it's state and the rest of the world. According to the Herald Online, in the past 13 years Texas' vast network of public universities and health related institutions, 8200 clinical trials have been conducted on some of the most challenging diseases facing the human population today: asthma, heart disease, stroke, cancer, diabetes and mental illnesses.
The article also focuses on the importance of being a research and development hub according to said Rep. Jim Murphy (R-Houston), "We must foster an environment in Texas that encourages this critical first phase of research and product development. Quality studies that aim to quantify just how critical the R&D sector is to our larger economy and society – studies like this latest clinical trials research assessment – make it clear that we can and must do more to ensure that R&D dollars, jobs and tax revenue flow into, and not out of our state."
While many companies are looking to outsource much of their R&D, Texas is taking a competitive stance offering incentives to bring clinical trial research to the state.
This April at Partnerships in Clinical Trials, the presentation Leadership Roundtable Discussion: How Biotechs Can Compete in an Aggressive Outsourcing Environment will focus on how to compete for clinical research sites - no matter where they are. For more information on this session and the rest of the program, download the brochure. If you'd like to join us in Orlando April 22-24, as a reader of this blog when you register to join us and mention code XP1800BLOG, you'll save 15% off the standard rate.
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