Business Services Industry
CEO of AstraZeneca Responds to Pressure on Pharmaceutical Industry.
Knight Ridder/Tribune Business News, January, 2003
By Cliff Feltham, Daily Mail, London Knight Ridder/Tribune Business News
Jan. 30--When the late Canadian newspaper tycoon Lord Thomson famously described commercial TV as "a licence to print money," he might have been talking about the pharmaceutical industry.
For years it has generated enormous profits by launching a raft of medicines which generously rewarded shareholders and turned the companies into stock market favourites.
All that has changed. Many best-selling drugs are losing patent protection, allowing cheap versions to come on the market. Governments are cracking down on healthcare costs, taking a stern view of drug companies" profit margins.
The cost of developing new drugs has rocketed. Thirty years ago, research...
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