It has always been what I have observed (used to be a buy side analyst covering pharma among other things in a previous career) but good to see a big bank say so openly.

My favourite example is ulcer drugs. Big pharma has found many drugs to control it, lifelong, but a critical cure for many cases was found by doctors with limited funding https://duckduckgo.com/l/?uddg=https%3A%2F%2Fwww.nobelprize....