ABSTRACT
I now want to comment briefly on the developed world, particularly as a source of novel products. Most commentators on pharmaceuticals agree that for the time being Europe will continue to show either slow or no pharma market growth or even shrinkage. Its productivity in developing new products has in this century been nowhere near as good as in the second half of the twentieth century. However, its share of all companies globally active in R&D has recently been holding up well. A few European countries, notably Switzerland and the United Kingdom, have a good long-term track record for developing novel products and they are very likely to continue to do so.
