In medical product development, which phase typically accounts for the largest percentage of total development costs?

The journey from concept to market for medical devices and pharmaceuticals involves rigorous testing and regulatory hurdles. This poll tests your knowledge of the product development process specific to the medical industry. Do you understand the critical path that lifesaving innovations must follow?

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Preclinical testing and initial research
Clinical trials (Phases I-III)
Regulatory submission and approval process
Post-market surveillance and Phase IV studies