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Report: Crop protection product costs $286 million to get to market

The cost to get a crop protection product to the market is $286 million and takes 11 years of research and development.  A report by an agrochemical consulting firm says the industry spent $2.6 billion on new innovations in 2014 to ensure safety and efficacy.  The report found the cost of bringing a product to market increased by 55 percent since 2000.  Much of the increase is because of the volume and complexity of environmental and toxicology data required by regulators.

Meanwhile, research and development, as well as delays in regulatory decisions have resulted in the time to bring a product to market increasing from 8 years in 1995 to more than 11 years now.

The report was commissioned by CropLife International, CropLife America and the European Crop Protection Association.