Re: Pharma R&D Here’s a counterpoint to the story in #msg-64637084—although aggregate pharma R&D expenditures are going down, the number of drugs in phase-3 is going up. This chart shows the top-10 categories: images.investorshub.advfn.com/images/uploads/2011/6/28/xhwacnum_drugs_in_trials.png Source: http://finance.yahoo.com/news/The-Number-of-Drugs-in-Phase-prnews-318076370.html?x=0&.v=1