Managing Director of CompassX Group Kyle J. Heppenstall, has released a comprehensive study that compares drug development costs incurred by drug manufacturers.
Orange County, CA (PRWEB) April 30, 2015
Managing Director Kyle J. Heppenstall, has released his latest position paper and according to the paper drug development costs have risen 145% since 2003, but in a contrarian statement that might surprise many he states, “Consumers are getting a good deal.”
Heppenstall compares the rising cost of drug development incurred by drug manufacturers, the consumer price index and the healthcare components of the index. He reveals the cost to bring a new drug to market has has risen by 145% over the past decade, but consumers that purchase medical drugs are only paying 35% more. His conclusion, “If not for the continuous technological, process, and cost-saving efficiencies of drug manufacturers and health payers—you, myself and the rest of the country would have felt a much greater impact in our collective wallets with every filled prescription.”
Heppenstall first discusses the major Tufts study that investigated drug development costs and mentions the four cost drivers, pre-clinical/human discovery costs, clinical study and trial costs, failure rates and the cost of money. Heppenstall believes the actual true cost increases are closer to 200%, when accounting for the safety and phase 4 research that each new drug requires.
The comprehensive study that Heppenstall refers to was originally conducted by Tufts University in 2003 and updated in 2014. Each study used a ten year period of data.
About Kyle J. Heppenstall
Kyle Heppenstall is the Managing Director of CompassX Consulting, a Healthcare and Life Sciences focused management consulting group. CompassX architects and executes strategies for industry leading Health companies. Kyle has been featured in publications such as: American Medical Association News, CNBC, Bloomberg News, Investors Business Daily and Corporate Compliance Insights. He can be found on LinkedIn and is open to connection requests, https://www.linkedin.com/in/kyleheppenstall.
For more information visit the CompassX website at http://www.compassx.com.
Media only inquiries can be directed to 949.387.9111
For the original version on PRWeb visit: http://www.prweb.com/releases/2015/05/prweb12690802.htm