Thanks, I actually hadn't seen that. The data I was referring to is from my own analysis of 2017 new drug approvals on FDA's website That paper covers 1998 to

Thanks, I actually hadn't seen that. The data I was referring to is from my own analysis of 2017 new drug approvals on FDA's website That paper covers 1998 to 2010, roughly coinciding with the end of the booming era of cardiovascular and psychiatric small molecules (prozac, lipitor etc) and ending right before the patent cliff in 2012, which saw the pharma industry's revenue shrink for the first time ever Since then, R&D has shifted strongly to smaller companies from big ones, as the data reflects.