Pharmaceutical research has changed. There’s the soaring price of drug development, the dearth of blockbuster drugs, and the precipitous drop in patents. That does not include the megamergers that have occurred over the past decade. Only 11 of the 42 large firms that were members of the Pharmaceutical Research and Manufacturer’s Association (PhRMA) 13 years ago survive today. The pharmaceutical firms have lost favor on Wall Street- with their market capitalization decimated. That’s true even though the sales of the top 10 drugs have doubled in the past decade and the number of biologics in the top 10 has risen (and will dominate the top 10 soon enough). The number of blockbuster drugs launched has not really changed- but their value has dropped.