The journey of developing a new drug - from initial molecule discovery through preclinical studies, various clinical trial phases, and ultimately FDA approval - can take 12 to 15 years and cost over $1 billion before reaching the market. The traditional drug discovery and preclinical development stages alone typically require 4 to 6 years. Moreover, the success rate for traditional drug discovery is alarmingly low, with less than 5% of candidates making it to the market.
However, in recent years, Artificial Intelligence (AI), which has permeated various domains, has also made significant inroads into the field of drug discovery. A June 2023 study estimated that AI could yield time and cost savings of at least 25-50% in drug discovery up to the preclinical stage.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.