R&D

“Big companies have realized they're not very good at R&D, at sort of good, at sort of new product development, and so what they have done is they have outsourced a lot of their R&D budgets to M&A, and so they let the startups run the experiments, you know, in …”

“Instead of having the government doing all the R&D, and the government is good at some things, but R&D is not one of them.”

“They're outsourcing R&D, and typically paying three times as much and typically getting one 10th in the return.”

“So if you then further affect the profitability scale of pharma, the impact is probably that we push R&D to different places.”

“We spent 25% of sales on R&D. This year that'll be 14.2 billion dollars.”