Drugmakers’ Returns on Research Fall as Pipeline Projects Fail
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The world’s biggest drugmakers saw returns on their investments in new products decline 29 percent from last year as more experimental drugs failed at costly late stages of development.
Pharmaceutical-company returns on research and development fell by 3.4 percentage points to 8.4 percent this year, the report by consulting firm Deloitte LLP found. The study looked at the 12 drugmakers that spend the most on R&D, including New York-based Pfizer Inc., Paris-based Sanofi and Japan’s Takeda Pharmaceutical Co.