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Market Capitalization – Big Pharma - Milken Institute

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Rising R&D Yields Fewer Drugs<br />

U.S. <strong>Pharma</strong>ceutical Industry<br />

Number Percent Change, Year Ago<br />

70<br />

New Drugs/Biologics Approved - L<br />

16<br />

60<br />

R&D Expenditures - R<br />

14<br />

50<br />

40<br />

30<br />

20<br />

94<br />

95<br />

96<br />

97<br />

98<br />

99<br />

00<br />

01<br />

02<br />

03<br />

04<br />

12<br />

10<br />

8<br />

6<br />

4

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