The pharmaceutical industry was doing extremely well until the 1990s - that's 35 years of success despite the FDA. Now what it is that caused the pharma crisis

The pharmaceutical industry was doing extremely well until the 1990s - that's 35 years of success despite the FDA. Now what it is that caused the pharma crisis that started in 2003 I do not know. Is it the fact that the easy fruits have all been picked, there is nothing left to be discovered because everything at market already does a good job at a much better price point than any new drug? Or is it the fact that Pharma doesn't produce on a timescale that Wall Street likes, or both? Hell, Facebook is valued like Pfizer, but Facebook gives faster returns on capital. Your argument is completely at odds with observable facts.