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Uncertainty surrounding the risk and reward of investments in biopharmaceutical companies poses a challenge to those interested in funding such enterprises. Using data on publicly traded stocks, we track the performance of 1,066 biopharmaceutical companies from 1930 to 2015-the most comprehensive financial analysis of this sector to date. Our systematic exploration of methods for distinguishing biotech and pharmaceutical companies yields a dynamic, more accurate classification method. We find that the performance of the biotech sector is highly sensitive to the presence of a few outlier companies, and confirm that nearly all biotech companies are loss-making enterprises, exhibiting high stock volatility. In contrast, since 2000, pharmaceutical companies have become increasingly profitable, with risk-adjusted returns consistently outperforming the market. The performance of all biopharmaceutical companies is subject not only to factors arising from their drug pipelines (idiosyncratic risk), but also from general economic conditions (systematic risk). The risk associated with returns has profound implications both for patterns of investment and for funding innovation in biomedical R&D.
This article was published in the following journal.
Name: Nature biotechnology
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An organizational enterprise between a public sector agency, federal, state or local, and a private sector entity. Skills and assets of each sector are shared to deliver a service or facility for the benefit or use of the general public.
A component of the private sector characterized by ease of entry; reliance on indigenous resources; family ownership; small scale operations; skills acquired outside of the formal sector; and unregulated markets.
Economic sector concerned with the provision, distribution, and consumption of health care services and related products.
Guideline for determining when it is morally permissible to perform an action to pursue a good end with knowledge that the action will also bring about bad results. It generally states that, in cases where a contemplated action has such double effect, the action is permissible only if: it is not wrong in itself; the bad result is not intended; the good result is not a direct causal result of the bad result; and the good result is "proportionate to" the bad result. (from Solomon, "Double Effect," in Becker, The Encyclopedia of Ethics, 1992)
Material from which the casting mold is made in the fabrication of gold or cobalt-chromium castings. (Boucher's Clinical Dental Terminology, 4th ed, p168)
Biopharmaceuticals are medical drugs produced using biotechnology. They include proteins (including antibodies), nucleic acids (DNA, RNA or antisense oligonucleotides) and living microorganisms like virus and bacteria where the virulance of viruses and b...
Biotechnology - Biotech
"using living things to create products or to do tasks for humans" About Biotechnology - Biotech Biotechnology is the practice of using plants, animals and micro-organisms such as bacteria, as well as biological processes - such as the ripen...