There are multiple avenues to success in the pharmaceutical industry. Companies can go the Big Pharma route of significant internal R&D development and sales efforts, the Forest Labs (FRX) approach of minimal R&D and extensive in-licensing, or the tried-and-true biotech approach of major R&D development with sales handled by larger pharmaceutical partners.
What is more difficult, though, is to do both. While many companies go through an awkward phase where they rely on licensing or co-promotion agreements while building their own sales force (Lundbeck (OTCPK:HLUYY) being a good example), Japan's Astellas Pharma (OTCPK:ALPMY) needs to come up with a clearer strategy and stick to it. As it is, the company's odd mix of...
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