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Parameters characterizing each phase of drug development
| Parameter | Description |
|---|---|
| tstart | Time in months from start of phase to date of new drug approval |
| tend | Time in months from end of phase to date of new drug approval |
| c | Cost, per month, per compound in phase |
| p | Probability that a compound undergoing this phase of development is ultimately approved for marketing |
| r | Cost of capital, as an annual interest rate |
