How much it costs to develop a new drug?

What is the cost of developing a new drug ( new chemical entity/new molecular entity) ? 

MNCs quote $1.32 billion and this is based on estimate of $802 million in 2000. 

While not denying Drug discovery is expensive and long drawn, the estimates were always taken with disbelief. 

Now read this from David.

Paper: http://www.palgrave-journals.com/biosoc/journal/v6/n1/abs/biosoc201040a.html