>There are plenty of 50-100M pharma startups; they wouldn’t exist if your number was right.
Isn't there a selection bias in that the startups that got to 50-100M survived because they were lucky with a candidate treatment. The ones that failed were the ones that never found a candidate in time? The difference being that large pharmaceutical companies have to swallow ALL the failures, whereas startups can "just" die.
Not to say that pharma companies don't have some fat that can be trimmed...
Isn't there a selection bias in that the startups that got to 50-100M survived because they were lucky with a candidate treatment. The ones that failed were the ones that never found a candidate in time? The difference being that large pharmaceutical companies have to swallow ALL the failures, whereas startups can "just" die.
Not to say that pharma companies don't have some fat that can be trimmed...