>> Some remarkable comparisons to 2000, 1998 and 1996 <<
It's tough for me to find a comparison. To me, the environment is most like summer '98. However, one needs to add '93-'94-like pessimism.
During the first quarter, we had scandal and high-profile failure after failure in the clinic or at regulatory level. Then, second quarter, politicians -- from both parties -- continued to position pharma for minimal effect come November. Throw in the horrendous bear, and you have no respect for patents, preclinical or early clinical. Research premiums just don't exist, except for the lucky few.
So, I'd say that it's as though the very best of the crappy elements of '93-'94 and summer '98 have been thrown together, amplified by the substantial pocket depth of enemies, '02 versus summer of '98.
There, does that cheer you up? |
