Every crop protection product that reaches the market costs $286 million and takes 11 years of research and development to ensure the highest safety and efficacy standards, according to a new report published today. The report found the industry spent a total of $2.6 billion on new innovations in 2014.
CropLife International (CLI), CropLife America (CLA) and the European Crop Protection Association (ECPA) commissioned Phillips McDougall, an independent consultant specializing in market analysis for the agrochemical industry, to research the cost of bringing a new active ingredient to market.
The report found the cost of bringing a new product to market has increased by 55 percent since the turn of the century. Much of the increase in cost can be attributed to a rise in the volume and complexity of environmental safety and toxicology data required by regulatory bodies to ensure products are safe.
Read more of the CropLife news story here