“In 1985 there was nearly universal agreement that investors should be heavily in pharmaceuticals. Companies like Merck, Eli Lilly,Pfizer, Sanofi, Roche, Glaxo and Abbott were touted as the surest route to high portfolio returns.
Today, not so much.
Merck, once a leader in antibiotics, is laying off 20% of its staff. Half in R&D; the lifeblood of future products and profits. Lilly is undertaking another round of 2013 cost cuts. Over the last year about100,000 jobs have been eliminated in big pharma companies, which have implemented spin-outs and split-ups as well as RIFs.”
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