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Devaluing Biotech's Big Pharma Clientele

Executive Summary

In part because of the 2000 investment bubble, in part because Wall Street has rewarded their growth prospects with comparatively high valuations, Small Pharmas and proto-pharmas increasingly have among themselves the financial power and technological diversity to furnish each other much of the resources Big Pharma used to provide almost oligopolistically. Just as important: they've got far more willingness and incentive to do so.

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