Got a biotech product idea? Got $1.2 billion?

Take note, life sciences companies in Massachusetts. The average cost of developing a new biotechnology product is $1.2 billion, according to the Tufts Center for the Study of Drug Development.

The Tufts Center said the $1.2 billion estimate reflects the cost of drugs that fail in testing and the time costs associated with bringing a new biopharmaceutical product to market.

A new biotech product took 97.7 months on average, or just over eight years, to wend its way through clinical development and regulatory review; that's about 8 percent longer than for a conventional pharmaceutical product, according to the Tufts Center.
(By Chris Reidy, Globe staff)