‘Big pharmaceuticals’ shares are underperforming; ‘victims of their own success’
U.S. health-care spending regularly grows faster than inflation and has reached about 18% of gross domestic product. Prescription drugs are a major component of that sum. The Centers for Medicare and Medicaid Services projects that total U.S. drug spending will rise by 68% to $600 billion by 2026. Meanwhile, the Food and Drug Administration is approving new medicines at a brisk rate and venture capitalists have…