The pharmaceutical research process involves several key steps: 1) Discovery involves identifying drug targets and screening thousands of potential drug candidates. 2) Product characterization determines the drug candidate's properties, toxicity, and bioavailability through analytical studies. 3) Formulation and delivery methods are developed to ensure proper administration of the drug. 4) Preclinical testing assesses safety, efficacy, and toxicity through studies like acute, repeated dose, and carcinogenicity trials. 5) If preclinical results are satisfactory, an Investigational New Drug Application is submitted to begin clinical trials.