The annual JP Morgan health care conference has always been a stage for reviewing new solutions to the basic business-model problem of biotechnology. But as Big Pharma’s troubles have grown, the conference has also become a showcase for the same challenge among large drug companies.
To listen to their presentations, to the Q&A that follows, and to talk with their increasingly frustrated executives in the hallways and at the cocktail parties is to hear described a variety of strategies and models—but with one universal, if not always openly stated, point
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