“…A variety of innovative approaches to cancer drug development are being simultaneously explored by companies, including focusing on new targets within validated pathways and new pathways, design of novel drug formats, and improved clinical study design and protocols that may expedite the process. Development of new drugs, however, is lengthy, is very expensive, and has substantial technical risks 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 . To foster a better understanding of the technical risks specifically associated with development of new cancer drugs, we examined the biopharmaceutical industry pipeline of cancer drugs that entered clinical study from 1993 to 2004 and estimated clinical phase transition rates and overall clinical approval rates.…”