From the horse's mouth: only 6 out of 53 "landmark" oncology studies were significantly reproducible [1]. Bayer did a similar study, found that they couldn't reproduce the results of about 2/3s of the papers they tried to use for drug discovery R&D [2].
This is a near universal consequence of academia's incentives and extends into many of the sciences (although biology is most susceptible due to its complexity).
>This is a near universal consequence of academia's incentives and extends into many of the sciences (although biology is most susceptible due to its complexity).
It is not simply a matter of incentives (although they play a part). Another issue is pure publication bias. If you get 'landmark' results, a paper is much more likely to publish then if you got the results everyone would expect. In many ways this is one of the necessary functions of the journals, as it allows people to look at the new stuff without sifting through many articles of expected stuff, but it does create a bias.
Add to that the incentives of needing to get published, and constrained resources, and a willingness to publish what could be sub-par methodologys (of course they are par), and it is clearly not the best system.
This is a near universal consequence of academia's incentives and extends into many of the sciences (although biology is most susceptible due to its complexity).
[1] http://www.nature.com/nature/journal/v483/n7391/full/483531a...
[2] http://www.nature.com/nrd/journal/v10/n9/full/nrd3439-c1.htm...