A recent study by Tufts University and published in the Journal of Health Economics (2016) estimates that the average cost of developing a new drug and bringing it to market exceeds $2.5 billion. The probability that a new drug makes it through all phases of testing and is approved for medical use is less than 10%. These high costs tend to keep most drug development in the hands of for-profit companies like Merck, the company that developed the first statin drugs for lowering blood cholesterol levels. Discuss the medical and individual costs and benefits of this drug development model.