In the wake of the Global Financial Crisis (2007-2008) cheaper, softer money flooded the worldwide markets. Faced with historically low capital costs, the pharmaceutical industry chose to pay down debt through share buybacks rather than invest in research and development (R&D). Instead, the industry explored new R&D models for open innovation, such as open-sourcing, crowd-sourcing, public-private partnerships, innovation centres, Science Parks, and the wholesale outsourcing of pharmaceutical R&D. However, economic Greater Fool Theory suggests that outsourcing R&D was never likely to increase innovation. Ten years on, the period of cheaper and softer money is coming to an end. So how are things looking? And what happens next?

中文翻译：

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薛定谔的管道和医药创新的外包。

在全球金融危机 (2007-2008) 之后，更便宜、更软的货币充斥着全球市场。面对历史上较低的资本成本，制药行业选择通过股票回购来偿还债务，而不是投资于研发 (R&D)。相反，该行业探索了开放式创新的新研发模式，例如开源、众包、公私合作、创新中心、科学园和医药研发的批发外包。然而，经济大傻瓜理论表明，外包研发永远不可能增加创新。十年过去了，更便宜、更软货币的时代即将结束。那么情况如何？接下来会发生什么？