2. Maybe chill out with the M&As?

A study published in Cell Chemical Biology suggests the number of drug innovators has decreased to World War II levels. Even though 45 novel drugs were approved by the FDA in 2015—higher than average for the past decade—only 95 companies within the biopharmaceutical space drove those developments. We haven’t seen so few companies since before the 1970s biotech boom. The main reason? Mergers and acquisitions. The study attributes at least some of this effect to companies following Valeant-style acquisition strategies where they acquire a company after the early (see: risky) R&D phase, when they have a novel drug product through proof-of-concept. Come on you innovators! Male pattern baldness isn’t going to cure itself!