For decades, biopharma companies have relentlessly pursued growth, counting on pure scale and M&A cost synergies to create value. This strategy is reaching its limits and becoming counterproductive, according to Bain & Co. analysis. Megamergers that don’t produce category leaders also don’t create portfolios that are likely to deliver attractive shareholder returns over time.

By merging to create Viatris, Mylan and Pfizer’s Upjohn unit intend to occupy a space between generics players and big pharma by offering a broad array of affordable products all around the world.

Progress is being made towards the implementation of the EU’s new patent system, but the UK’s insistence on severing all ties with the European Court could spell the end for its participation.