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About This Document: Everyone in biopharma knows that manufacturers are spending more to develop drugs that earn less than they did ten years ago, but a new study has put some eye-popping numbers on the industry's dwindling returns. A review of 450 New Molecular Entities spanning a decade and a half found two distinct eras of drug R&D -- one of abundance and one of scarcity, hinging on the September, 2004 withdrawal of Merck's Vioxx. The study, by consultancy Oliver Wyman, looked at sales and revenue figures, along with R&D costs, for all 450 NMEs approved by FDA between 1996 and 2010 and found "striking differences," starting with the number of new drugs approved.

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Since Vioxx, hard times for pharma R&D

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Since Vioxx, hard times for pharma R&D

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