R&D and "efficiency" aren't terms that seem to naturally blend together when applied to the operations of the biopharmaceutical industry. One only has to point to the many billions of dollars that companies pour into research and development annually. The Washington D.C.-based Pharmaceutical Research and Manufacturers of America (PhRMA), for example, reported in April of this year that its 31 member companies invested an estimated $48.5 billion into R&D in 2012. Read More
