The dealmaking trends of 2010 solidified patterns that first surfaced in 2009 (minus the megamergers): risk-sharing deal structures, an emphasis on diversification and emerging markets, and earlier access to new products and technologies. CVRs became a household acronym and – as Sanofi' continued attempts to buy Genzyme Corp. clearly demonstrate – have moved well beyond acquisitions of private biotechs. Options were once again de rigueur. [See Deal] Aside from the increased familiarity with an important deal structure was greater awareness of reimbursement issues and a renewed emphasis on the kinds of innovation that can find lower tier formulary placement. Perhaps as a direct extension of that awareness, companies continued to emphasize their ambitions to focus on unmet medical need – in some cases drawing industry's largest companies to build up presence in niche or rare diseases that had previously been attractive markets only to small biotechs.
A Look Back At 2010: In Search Of New Biopharma Models
2010 was a year of transition, filled with the exploration of new industry models. Health care reform hinted at short-term pain and long-term gain while investment, R&D and commercial challenges combined with a heightened sense of industry desperation to bring out biopharma's creative side. But as with any experiment, there is ample risk of failure.
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