An oft-quoted study by the Tufts Center for the Study of Drug Development estimates the cost of developing a new drug, from R&D to approval, is about $2.6 billion.
Influencer marketing is often thought of in a consumer context, such as Netflix extensively using social media platforms to attract millennials. However, similar marketing strategies can influence a decision to, say, switch to a new cholesterol or blood pressure management drug because your trusted cardiologist recommended it over the current one due to higher efficacy.