Global pharma R&D is expanding with nearly 7,800 drugs in development in 2024, up 20% since 2019, led by oncology, neurology, and immunology. New launches are expected to average 55–65 annually through 2029, though productivity pressures persist. The average cost to bring a drug to market remains near $2.3B, with longer cycle times and rising complexity. Biologics and novel modalities now represent 40% of the pipeline, with cell and gene therapies growing fastest. AI and digital technologies are increasingly integrated into trial design, patient recruitment, and data analysis, offering efficiency gains. Investment is shifting toward precision medicine and rare diseases.

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