As a student of the prestigious New Jersey Institution of Technology
who will earn his Bachelor of Science degree in Chemical Engineering
next year, Dylan Bednarz possesses a clear understanding of research and
development investments within the pharmaceutical industry.
The Benefits Are Clear, Yet Funding is Often Problematic
The clear benefits of quality research and development ventures are more than obvious. The very success of the pharmaceutical industry lies within the hands of those people who are willing to fund these researches. The problem is, they often don’t do that. Funding is difficult in the pharmaceutical field, because in the industry people aren’t usually willing to pay for ideas. Pharmaceutical research is a very cut-and-dry business, where theoretical thoughts aren’t going to be funded most of the time.
When the Potential Benefits Are Clear, Private Companies Appear
When a drug shows potential during its animal testing phase, clinical trials become a possibility. At that point – depending on what the drug does or promises, and how unique that is – funding is much easier to win. As much as 3/4 of the clinical trials in the United States can be funded by private companies in any given year.
Government Funding is Also Available
While private companies can cover 75% of the bills in some years, on average they are responsible for 60% of the total funding. Ten percent is covered by foundations and various other organizations. In other words, the government usually pays for 30% of all pharmaceutical research.
Dylan Bednarz is a budding Chemical Engineer who wants to help as many people as possible, now and in the near future.
Sources:
http://pharma.about.com/od/Research-and-Development/a/Who-Funds-Biomedical-Research.htm
http://undsci.berkeley.edu/article/who_pays
http://www.pharmtech.com/importance-continued-investment-rd
The Benefits Are Clear, Yet Funding is Often Problematic
The clear benefits of quality research and development ventures are more than obvious. The very success of the pharmaceutical industry lies within the hands of those people who are willing to fund these researches. The problem is, they often don’t do that. Funding is difficult in the pharmaceutical field, because in the industry people aren’t usually willing to pay for ideas. Pharmaceutical research is a very cut-and-dry business, where theoretical thoughts aren’t going to be funded most of the time.
When the Potential Benefits Are Clear, Private Companies Appear
When a drug shows potential during its animal testing phase, clinical trials become a possibility. At that point – depending on what the drug does or promises, and how unique that is – funding is much easier to win. As much as 3/4 of the clinical trials in the United States can be funded by private companies in any given year.
Government Funding is Also Available
While private companies can cover 75% of the bills in some years, on average they are responsible for 60% of the total funding. Ten percent is covered by foundations and various other organizations. In other words, the government usually pays for 30% of all pharmaceutical research.
Dylan Bednarz is a budding Chemical Engineer who wants to help as many people as possible, now and in the near future.
Sources:
http://pharma.about.com/od/Research-and-Development/a/Who-Funds-Biomedical-Research.htm
http://undsci.berkeley.edu/article/who_pays
http://www.pharmtech.com/importance-continued-investment-rd
