Pharmaceutical industry heavyweights are teaming up to address a challenge that has long vexed drugmakers: how to improve the way experimental drugs are tested so they can get approved, and reach patients, faster.

Ten top U.S. and European drugmakers have started a nonprofit organization called TransCelerate BioPharma to collaborate on the problem.

Research productivity across the industry has been declining, with thousands of potential drugs failing for every one approved, but testing costs keep rising.

The new group will develop strategies to make it easier and quicker to set up and run clinical tests of experimental drugs.

Initial participants include Pfizer, Johnson & Johnson, Bristol-Myers Squibb, Eli Lilly, Abbott, GlaxoSmithKline, AstraZeneca, Sanofi, Boehringer Ingelheim and Genentech.

The group's CEO, Garry Neil, says he expects to have initial results next summer.