CropLife International says every crop protection product that reaches the market costs $286 million and takes 11 years of research and development. A new report published this week found the industry spent a total of $2.6 billion on innovations in 2014. The report, commissioned by CropLife International and the European Crop Protection Association, found the cost of bringing a new product to market has increased 55 percent since the turn of the century. The research says the rising cost are attributed to the increasing volume and complexity of environmental safety and toxicology data required by regulatory bodies.
Meanwhile, the time commitment to bring a product to market has increased from eight years in 1995 to more than 11 years now, reflecting the rigorous research and development phase and delays in regulatory decisions, according to the report.
Source: NAFB News Service