Abstract
The pharmaceutical industry has enjoyed unprecedented growth over the past decade. Record numbers of new drugs have been approved and marketed; stock prices are at record levels, fueled by a falling dollar; new firms are entering the market; and mergers and acquisitions have created new giants as once familiar names disappear or become marketing names only. What of the future? Will the growth continue? Will the progress of the past be continued? What technological, social, and economic forces will shape the industry as it moves into the 21st century? What challenges, what opportunities, what promise, and what risks will the industry face?
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