Biotech.Biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. : According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a study by the Tufts Center for the Study of Drug Development, a new biotech drug costs approximately $1.2 billion in average capital costs to produce. To this figure, capitalized preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. costs contribute $615 million and the clinical period costs contribute $626 million. Relative to traditional pharmaceutical costs, capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. has a higher effect on biopharmaceutical costs due to an extended development timeline and higher capital costs. Biotech drugs also take an average of 7.4 months longer to produce than traditional medicines. Biopharmaceuticals have a clinical approval success rate of 30.2%, compared to a success rate of 21.5% for traditional pharmaceuticals. Cost estimates were based on 17 biopharmaceuticals from four companies that entered clinical testing between 1990 and 2003. Average time of development was based on information from over 500 therapeutic recombinant proteins Since human recombinants have replaced the animal version in human therapeutics, the prefix of "rh" for "human recombinant" appears less and less in the literature Human recombinants that replaced animal or harvested from human types Source: Tufts Center for the Study of Drug Development |
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