The relative buoyancy of biopharma in 2012 can perhaps be viewed most favorably through the lens of the continued success industry in general enjoyed at FDA and that biotechs in particular enjoyed on the stock market. But despite this good fortune, and despite investors’ willingness at times to see beyond companies’ patent cliffs and into emerging pipelines, many of industry’s largest companies continue to struggle as big development bets fail to pay off.
Importantly, the broader biopharma world continues to grapple with the same existential questions: where should new drugs come from; how should industry fund their discovery and development; what drugs are...
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