In the case of pharmaceuticals, R&D proceeds in multiple directions in the hope of finding a single success that will justify the entire effort. If you calculate the R&D component only of the successes, it may seem small. Add in the real costs of the entire investigative process and the costs borne by pharma are staggering. Obviously they need bumper returns to justify the risks they take, investing billions of dollars trying to find something useful. Remove the benefit and it won't happen- the top people are better off going to work for Goldman Sachs where they can earn millions doing nothing particularly useful.
Omigod! Call Ripley! I agree with you 100%.
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