Assessing the Economic Impact of Delays in Drug Approvals

DOI: https://doi.org/10.63345/ijrmp.v11.i4.2

Roshan Boro

Independent Researcher

Arunachal Pradesh, India

Abstract

Delays in drug approvals are a significant challenge for the pharmaceutical industry, influencing not only the pace of innovation but also the broader economic environment within healthcare systems. This study examines the multifaceted economic impact of such delays by integrating a review of literature up to 2022, empirical data analysis, and survey insights from industry stakeholders. Our analysis reveals that delayed approvals contribute to higher drug development costs, affect investor confidence, and lead to increased healthcare expenditure due to postponed access to innovative therapies. Moreover, the disruption in market dynamics often results in an uneven competitive landscape, adversely impacting both established companies and emerging players. By employing statistical analysis and survey methods, we quantify these economic effects and discuss policy implications to streamline the drug approval process. Our findings suggest that regulatory reform, improved communication between industry and regulators, and investment in advanced evaluation technologies could mitigate some adverse economic outcomes. The study provides a framework for future research and offers recommendations for stakeholders seeking to balance regulatory rigor with the need for timely market access.

Keywords

Drug approvals, delays, economic impact, pharmaceutical industry, healthcare costs

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