In 1992, hopes were high that the human genome project heralded an era abundant in new, targeted medicines. However, since that time, the number of new chemical entities (NCEs) launched has declined by 30 per cent, while pharmaceutical R&D expenditure has grown by 20 per cent each year.

New drugs to treat and cure sick patients are coming into the market in the United States at the slowest rate in a decade, despite billions invested by pharmaceutical companies on research and a costly expansion by the federal agency that reviews new medicines.