The real options approach to valuation - Haskayne School of Business
The real options approach to valuation - Haskayne School of Business
The real options approach to valuation - Haskayne School of Business
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TuVs Center for the Study <strong>of</strong> Drug Development (December 2001) • Average development *me for new drugs: 12 years • Average <strong>to</strong>tal drug research costs (millions) Out-‐<strong>of</strong>-‐pocket expenses: Including cost <strong>of</strong> capital (11%): $802 – Calculated at *me <strong>of</strong> marke*ng <strong>of</strong> drug $403 – Includes cost <strong>of</strong> failed drugs (20% success) • More recent figures go up <strong>to</strong> $4 billion per drug • Yearly US expenditures in prescrip*on drugs :$308 billion (2010)
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