So what do we do here? We're not just underfunding basic biology research, it's rolling down hill and affecting the efficacy of our products oriented pharma R&D investments.

Best proposal I've heard to pull out of this trend? Computational biology: simulate different tissue types and organ systems (their dynamics, metabolic pathways, flow of matter/energy/information) and expose the simulated tissues to potential drugs in high-throughput simulations. Test exponentially more compounds and prune obvious failure from the chemical structure tree early and often. What you're left with is a restricted set of compounds to try synthesizing and taking to trial.