Big pharma companies spend a lot on marketing, often more than on r&d, but most drugs come from small companies with no marketing budget. These companies develo

Big pharma companies spend a lot on marketing, often more than on r&d, but most drugs come from small companies with no marketing budget. These companies develop drugs, and partner with pharma to commercialize the drugs, or pharma buys them outright HBM did an analysis of novel FDA approved drugs from 2008-2018 which showed over 60% of FDA approved drugs were originally developed by small companies, and just 12% iirc by big pharma And most drug development efforts these days focus on medicines that can be truly impactful to patients. There is a correlation between clinical value and price, and many markets are winner take most, and winners are chosen by prescribers and payers based on their benefits to patients One data point to illustrate the industry's increased focus on innovation is that historically, nearly all drug development programs were small molecules and biologics -- decades-old tech. Of the companies that IPOd in the last 5 quarters, there are more gene and cell therapy programs than small molecule