The document outlines the various stages involved in the new drug discovery and development process, including target identification, validation and screening, lead identification and optimization, preclinical and clinical testing through four phases, regulatory approval, and post-marketing surveillance. It notes that it takes on average 12-15 years and $900 million to $2 billion to develop a new drug, with only one in 5,000-10,000 compounds ultimately being approved due to the high failure rate of drug candidates.