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By Lev Gerlovin, Jared Levine, Suneil Mendiratta As pharmaceutical manufacturers grow, they often pursue external sources of innovation to supplement their own R&D efforts. A recent study found that 45% of drugs in the pipelines of 20 large biopharmaceutical companies were sourced externally in 2020. Sources of external innovation include M&A, university partnerships, licensing, joint ventures, and direct ownership investments.
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