Big Pharma is heading "off a cliff" and into "a black hole," according to Wall Street.
Analysts are already using such big scary metaphors to describe the challenges facing the drug industry in five years, when drug makers will face the worst series of patent expirations ever.
Between 2010 and 2011, Big Pharma will lose 28% of their current sales, according to pharmaceutical analyst James Kelly of Goldman Sachs--who is calling this period "the patent black hole." Starting in 2008 and going through 2011, Kelly predicts annualized sales growth of only 2% for big drug makers.
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