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The European Union has a new plan to speed up drug trials and cut down on red tapeand it's all about speed, not red tape.
The "Accelerating Clinical Trials in the EU" initiative, a joint effort by the EU's Medicines Agency, Heads of Medicines Agencies, and the European Commission, aims to cut the time it takes to conduct a drug trial from three years to one year, and from five years to two, reports the New York Times.
The plan, which will be finalized in 2024, also aims to reduce the time it takes for a new drug to reach the market from 10 years to four years, and from 10 years to two years for a new drug to be approved by the EU, per a press release.
It also aims to cut down on the time it takes for a new drug to be approved by the EU from two years to one year, and from four years to two years for a new drug to be approved by the EU.
The Times notes that the plan is a response to the COVID-19 era, which saw a huge increase in the time it took for a new drug to be approved in the EU and the time it took for a new drug to be approved in the US.
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