Pharmaceutical Product Development 
   Timeline
       Phase          R&D
       Phase          R&D
     Investment     $ 10-20 M
     Investment     $ 10-20 M
    Success Rate    1: 10,000
    Success Rate    1: 10,000
      Duration      1-5 Years
      Duration      1-5 Years
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   Pharmaceutical Product Development 
   Timeline
       Phase          R&D       Preclinical
       Phase          R&D       Preclinical
     Investment     $ 10-20 M   $ 10-20 M
     Investment     $ 10-20 M   $ 10-20 M
    Success Rate    1: 10,000     1: 100
    Success Rate    1: 10,000     1: 100
      Duration      1-5 Years   1-2 Years
      Duration      1-5 Years   1-2 Years
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    Pharmaceutical Product Development 
    Timeline
         Phase              R&D          Preclinical    Clinical I
         Phase              R&D          Preclinical    Clinical I
      Investment         $ 10-20 M       $ 10-20 M     $ 20-30 M
      Investment         $ 10-20 M       $ 10-20 M     $ 20-30 M
     Success Rate        1: 10,000         1: 100         1: 10
     Success Rate         1: 10,000        1: 100         1: 10
        Duration         1-5 Years       1-2 Years       1 Year
        Duration         1-5 Years       1-2 Years       1 Year
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    Pharmaceutical Product Development 
    Timeline
         Phase              R&D          Preclinical    Clinical I    Clinical II   Clinical III
         Phase              R&D          Preclinical    Clinical I    Clinical II   Clinical III
      Investment         $ 10-20 M       $ 10-20 M     $ 20-30 M            $ 30-60 M
      Investment         $ 10-20 M       $ 10-20 M     $ 20-30 M            $ 30-60 M
     Success Rate        1: 10,000         1: 100         1: 10         1: 10          1: 5
     Success Rate         1: 10,000        1: 100         1: 10         1: 10          1: 5
        Duration         1-5 Years       1-2 Years       1 Year      1-2 Years      1-3 Years
        Duration         1-5 Years       1-2 Years       1 Year      1-2 Years      1-3 Years
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   A Long and Risky Path
     A lot of things have to happen to 
       transform a start-up, consisting of a few 
       founders with an idea, into a modern 
       corporation, which is a complex 
       institution.
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