According to the International Federation of Pharmaceutical Manufacturers and Associations, the global pharmaceutical industry is trending upwards. They have revealed that they project the global pharmaceutical industry to reach a value of $1.43 trillion by the year of 2020. As a result, there is no doubt that the phase 3 drug trial will rise in importance as well because these companies must make sure their drugs are safe for consumption.

The United States patent term for new drugs is 20 years, and patented drugs are eligible for five years of market exclusivity, which depends on the time between patent approval and the United States Food and Drug Administration approval.… Read More...