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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