Cuando la crisis nos alcance...(II): Fué la "gran banca". Proxima la "gran Farma"...

Sobre la "mergermania":

"The industry’s own attempts to revive its fortunes– in the form of super-mergers, acquisitions and most recently cost cutting, which it has pursued with vigour – have not improved the industry’s ability to innovate. To name a few: GlaxoSmithKline resulted from a £120 billion deal in 2001 between SmithKlein and GlaxoWelcome. AstraZeneca was created in a $102 billion (circa £52 billion) deal in 1999. Sanofi-Aventis was formed from a $64 billion (circa £34 billion) merger in 2004 and Pfizer completed a $53 billion (circa £29 billion) takeover of Pharmacia in 2003.

This strategy shored up the industry in the short-term, creating a degree of financial stability; costs were cut and value was added for shareholders. Yet the hoped-for hothouse of new drug development never materialised. In fact it is now argued that, despite the increase in size, merging R&D operations actually reduces innovation and freethinking potential. It is now recognised that stability and quality of research deliver the best results.

It is very clear that these mergers have not been enough, and now we should consider how best we can encourage the industry to engage in therapeutic innovation."

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