Can you believe the average length of time from target discovery to approval of a new drug currently averages about 14 years? That is WAY too long. Even more shocking is that the failure rate exceeds 95 percent, and the cost per successful drug surpasses $2 billion, after adjusting for all of the failures.
Francis S. Collins, M.D., Ph.D., was officially sworn in on Monday, August 17, 2009 as the 16th director of the National Institutes of Health (NIH). Dr. Collins was nominated by President Barack Obama on July 8, and was unanimously confirmed by the U.S. Senate on August 7.
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