ECON 3300 Lecture Notes - Lecture 8: Economic Surplus
1 Feb 2016
School
Department
Course
Professor
Document Summary
Review question #6: (6) discuss the three phases of clinical trials. 3 phases of human clinical trials: Only approximately 1 in 5000 drugs make it past this stage. Keep in mind that if a drug shows promise it will be patented as early as possible, ensuring monopoly power. The drug does not have to have a positive affect on humans. This phase normally lasts approximately 22 months and costs approximately. If the drug satisfies these categories it will successful move forward to the next stage. The progress is monitored over the time period. If the drug has negative side effects or causes any fatalities the drug will fail in this phase. If the drug is not effective in curing or reducing symptoms then the drug will fail at this stage. If there are no signs of improvement in the test patients then the drug will not continue to phase three. There is a 60 percent failure rate in stage three.
