The pharmaceutical industry’s allocation of research and development (R&D) resources across therapeutic areas (TAs) is neither static nor unidirectional. Instead, it is shaped by a confluence of patient needs, scientific breakthroughs, commercial imperatives and considerations of the probability of success.

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Competing Interests

The authors of this article are employees of McKinsey & Company, a management consultancy that works with the world’s leading biopharmaceutical and biotechnology companies. The research for this specific article was funded by McKinsey’s Life Sciences practice.