Taking a new drug from the lab to the market in the U.S. can cost more than $1 billion and take 10 or more years. "Society would benefit from faster, less expensive access to important new drugs, especially for devastating diseases with no good current therapies," biotech entrepreneur Christoph Westphal writes. Accelerating clinical trial and regulatory time frames, increasing public funding, and outsourcing costly, labor-intensive processes to India and China could speed up the process, Westphal says.

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