Pharma and Biotech Industry Management
Orphan drug development refers to the process of creating medications for rare diseases that affect a small percentage of the population. These drugs are termed 'orphan' because they are often overlooked by pharmaceutical companies due to the limited market potential and high development costs. However, the significant unmet medical needs of patients with rare diseases have led to incentives from regulatory agencies to encourage the development of these drugs, thereby addressing critical gaps in healthcare.
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