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https://www.bing.com/ck/a?!&&p=bebda743a247f89fJmltdHM9MTcwMTgyMDgwMCZpZ3VpZD0xMTA2YTJmNy05NTNkLTZiMTYtMWUyOC1hYzA2OTQ4ODZhZTAmaW5zaWQ9NTIyOQ&ptn=3&ver=2&hsh=3&fclid=1106a2f7-953d-6b16-1e28-ac0694886ae0&psq=Investigating+the+origins+of+recent+pharmaceutical+innovation&u=a1aHR0cHM6Ly93d3cuYWxleGFuZHJpYS51bmlzZy5jaC9zZXJ2ZXIvYXBpL2NvcmUvYml0c3RyZWFtcy8xZTk4NzhkMC0zYzUyLTRkYzQtODEzYi1hZjIyYjc5NjZhOTIvY29udGVudA&ntb=1

Our analysis indicates that the business model of the top 20 biopharma companies in recent
years has largely been built on external innovation, as only 28% of recently FDA-approved
drugs were invented and developed internally.Biotech companies were the most important
origin of innovation (47% of new drugs) for the top 20 companies. In addition, the internal
R&D of the top 20 companies overall has had a stronger focus on small-molecule drugs, and
they have accessed the majority of their recently launched biologics from biotech companies.
Breaking down these analyses on a single company level (Supplementary Table 5), 15 of the
evaluated 20 biopharma companies relied largely on external innovation, with Johnson &
Johnson, Sanofi, Takeda and Biogen focusing fully on externally invented new drugs (Table 1).
Among companies that leveraged external innovation, in-licensing versus acquisition was
further compared, revealing that Pfizer, Gilead, Takeda, and Daiichi Sankyo accessed external
innovation primarily by M&As, whereas Bayer, Amgen, Novo Nordisk and Biogen focused on
in-licensing (Table 1).