R&D productivity rides again?

A recent analysis of R&D productivity suggests that there are grounds for 'cautious optimism' that the industry 'turned the corner' in 2008 and is 'on the comeback trail'. We believe that this analysis is flawed and most probably wrong. We present an alternative analysis of these same data to suggest that the industry is not yet 'out of the woods' and suggest that many of the systemic issues affecting pharmaceutical R&D productivity are still being resolved.