When the sector worries about regulation it is usually about drug development and registration. But governments also regulate on monopolistic positions in life sciences. Adding to that, national security enforcement is now rising.

Pfizer has dropped to number seven in our top pharma rankings after a long reign. AbbVie has risen to number three, growing through merger expansion.

Sandra Retzky worked at AstraZeneca and in Delaware's Medicaid fraud unit before joining the US FDA in 2016.

The family-owned German pharma dates back to 1885 and tries to keep up with its publicly traded peers by not mimicking everything they do, but with a “value by innovation” focus.