A long time ago, in a galaxy far, far away . . .

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Words to strike terror into an investor's heart:

I’ve been in this business for almost 19 years now. That means that the drugs that were discovered during my first few years of work are now either on the market or expected to be there soon.

That's from Derek Lowe, drug researcher. This is why pharma needs big margins on the things that finally hit.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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