There's an interesting article on the topic published in 2012 [0, 1, 2]. One aspect the paper talks about different causes for the current situation. One of them being, "The ‘basic research–brute force’ bias".
> The ‘basic research–brute force’ bias is the ten- dency to overestimate the ability of advances in basic research (particularly in molecular biology) and brute force screening methods (embodied in the first few steps of the standard discovery and preclinical research process) to increase the probability that a molecule will be safe and effective in clinical trials