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Pharmaceutical companies are facing several major interrelated challenges, the most strategic being the decline in R&D productivity resulting in empty product pipelines to replace products nearing patent expiry. A common response has been mergers and acquisition of competitors and biotechnology firms, but rather than resolving the problems, this has created new ones. While biotechnology promises to reshape the pharmaceutical industry, it too faces challenges: the industry as a whole isdoi:10.1080/09537320802625280 fatcat:7ykhnmmxlnadbg4unukuro5plu