global pharmaceutical industry robert agon analysis alex luk bristol myers squibb jacky lui pfizer ray li merck overall health care vs biotech two distinctions 1 business model much smaller and limited resources to market drug just a research engine larger themselves 2 field of use genetic engineering empirical screening develop drugs background the us is leader in share has five ten largest companies sales grew 9 2003 466 3 billion 64 blockbuster had over less sensitive swings cycle cogs r&d marketing are expenditures cont patents extremely important they give company exclusive rights produce for 20 years many attempt extend their by significantly changing nature future success depends heavily on number quality pipeline traditionally relied where few key make up most s revenue potential new
