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Prescription for ChangeThe Looming Crisis in Drug Development$
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Michael Kinch

Print publication date: 2016

Print ISBN-13: 9781469630625

Published to North Carolina Scholarship Online: May 2017

DOI: 10.5149/northcarolina/9781469630625.001.0001

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(p.206) Chapter Ten Autophagy
Prescription for Change

Michael Kinch

University of North Carolina Press

The title of the chapter is a Greek term that literally translates into “eating oneself” and is representative of a trend of mergers and acquisitions that has subsumed the drug development enterprise over the past three decades and now fundamentally threatens our ability to develop new medicines. We begin with two examples of acquisitions by Eli Lilly & Company. One product resulted from an unexpected discovery by Pfizer scientists of a drug meant to treat angina that had the unexpected but not undesired effect of treating erectile dysfunction. The second acquisition, of New York-based Imclone, was the final step in a high profile controversy that led the jailing of its CEO and the celebrity Martha Stewart for insider trading. Despite these two acquisitions, Eli Lilly largely did not participate in the merger mania of the past few decades and we relate how this most innovative company fell through the rankings to become a middling contender. This waning resulted from the meteoric rise of Pfizer as one of the most aggressive purveyors of pharmaceutical industry consolidation and the unlikely rise of Valeant Pharmaceuticals, a company with a checkered history and ongoing woes.

Keywords:   Erectile dysfunction, Imclone, Pfizer, Valeant Pharmaceuticals

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