The biopharmacetical research and development process

Note: *The average R&D cost required to bring a new, FDA approved medicine to patients is estimated to be $2.6 billion over the past decade (in 2013 dollars), including the cost of the many potential medicines that do not make it through to FDA approval.
Key: IND: lnvestigational New Drug Application, NOA: New Drug Application. BLA: Biologics License Application.
Source: PhRMA 2016 Prescription Medicines: Costs in Context.