By Maxx Chatsko Drug development has become embarrassingly inefficient in the last decade. Reversing the trend represents a big economic opportunity. Many metrics are used to measure the dwindling efficiency of drug development. One estimate suggests it can take over 10 years and $2 billion to bring a new therapeutic to market, although that seems a little inflated to me. Another suggests only 8% of drug candidates that enter a Phase 1 clinical trial earn regulatory approval, while just over half of drug candidates survive a Phase 3 study. One thing is clear no matter what metric investors use…