there's a seminal paper on perverse incentives in clinical trials by Dr Tony Fiorino that might be relevant
http://ascopubs.org/doi/full/10.1200/JCO.2007.11.1930
In stark contrast, the development-stage company is often crudely valued on the basis of its product candidates, both the number of molecules and their stage in clinical development. Phase III compounds are highly valued by the market because they are thought to have been “de-risked” (ie, phase III compounds are presumed to have successfully navigated earlier clinical trials that provided good evidence of safety and efficacy). This creates very strong incentive for development-stage companies to push products along into phase III...Given a set of questionable phase II data, the stock price of a company would suffer far more if management concluded it would be improper to expend shareholder capital on a phase III program likely to fail than if management decided to forge ahead into phase III on the basis of some dubious, post hoc subgroup analyses....From among these groups of investors and money managers, companies are almost always able to raise capital and keep moving undeserving compounds forward in development. The terms may not always be to management's liking, but the capital is there waiting. Thus, the company remains afloat for a few more years, salaries are paid, stock options granted, and the phase III trial is funded, and if they get lucky, the phase III trial just might work and then there will be a lot more money for everyone involved.
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