This problem has been coming and going for a while. For want of a small item, hospitals and clinics are brought to their knees.
Pharmaceutical research has changed. There’s the soaring price of drug development, the dearth of blockbuster drugs, and the precipitous drop in patents. That does not include the megamergers that have occurred over the past decade. Only 11 of the 42 large firms that were members of the Pharmaceutical Research and Manufacturer’s Association (PhRMA) 13 years ago survive today. The pharmaceutical firms have lost favor on Wall Street- with their market capitalization decimated. That’s true even though the sales of the top 10 drugs have doubled in the past decade and the number of biologics in the top 10 has risen (and will dominate the top 10 soon enough). The number of blockbuster drugs launched has not really changed- but their value has dropped.
We need to innovate! Are you tired of hearing that? I am- not because the sentiment is wrong, but because those saying it often have not a clue as to what to do- or, in many cases, what is innovation. I discussed this, as have many others. (Innovation needs innovators, Go and Create, Innovation is the key, among others of my posts that cover this topic. Use the search feature on the right of my blog, looking for ‘innovat’ and you will find many more.)