R&D Productivity: Not So Bad After All?

Falling Big Pharma R&D productivity is often cited as the industry's Achilles heel. Yet simply counting the number of drug launches each year versus R&D spend doesn't give a true picture of the industry's productivity, argue analysts at CSFB. Productivity is not falling, they say, but gains just aren't visible yet. In five years, large pharmaceutical companies-particularly those in Europe-may emerge from this fog with renewed strength.