Eroom's Law is Moore's Law spelled backwards. It's the bitter name in the pharma industry for the fact that R&D costs per drug have been steadily rising since the 1950's.
Of course, this is what target validation is meant to discern, and there's a lot of good science in this field. But failure is normal in science.
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The target-based paradigm means that, for instance, basic researchers were making discoveries that raised doubts about the amyloid hypothesis of Alzheimer's *decades* before amyloid-targeting Alzheimer's drugs failed in the clinic. That's expensive.
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