Big pharma challenges… R&D spending growing faster than sales growth New product discoveries lagging relative to industry growth needs Need for licensing products from outside Blockbuster drugs going off patent - 40% of Pharma revenues become generic in 2005 R&D spending growing faster than sales growth New product discoveries lagging relative to industry growth needs Need for licensing products from outside Blockbuster drugs going off patent - 40% of Pharma revenues become generic in 2005
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