Thank you to all for coming here this morning.
Before I begin my questioning, I want to preface by referring to something Dr. Nickerson said in his opening comments that I think is very important. He mentioned that to develop a new chemical entity, it costs between $144 million and $216 million.
From some of the studies I have read, especially from Tufts University, which has kept an ongoing accounting, I guess, of the cost of new drugs right now, it can go from anywhere between $1.6 billion to $2.6 billion. However, that factors in the cost of failure. What you're giving is a more accurate price of what the development cost will be as opposed to factoring in the drugs that in many cases, 90% of them, don't make it past phase I clinical trials.
Mr. Lobb asked a good question about whether or not there's enough money and what the cost is. I think there is enough money. I just think it's the way we use that money. It's not resourced properly. Ms. Kiddell-Monroe mentioned TB, which, as a pharmacist, I know.... I mean, we're dispensing the same stuff I read about in pharmacy school. I'm not going to say when I graduated, but it's not a good sign when the drugs you read about when you were in pharmacy school are still continuing to be used.
Is there a way in which we can coordinate domestic and international research? Even from my own readings—I hadn't realized this—there's a lot of global philanthropy out there, a lot of money being poured in, but my feeling is that this money is being poured into individual silos or organizations that have been given a mandate that the money has to be used for a particular purpose. That's fine, but there is no conversation happening in between different organizations and universities or other members of the ecosystem.
To Dr. Nickerson and Ms. Kiddell-Monroe, is there a way we can coordinate domestically and internationally? One of the things I'm a big proponent of is open science and making sure there are collaborators. Is there a way?