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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-01 00:00:00",
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  "pageNumber": 33,
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  "notes": "Uses a process flow to describe the traditional model and bulleted metrics to support the 'broken' thesis.",
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      "kind": "callout",
      "text": "High-risk, low-return",
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      "kind": "list",
      "text": "High-Risk: Only 4% of pre-clinical compounds become approved medications",
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      "text": "Low-Return: Total cost per drug $1.3bn, up 10x since 1975; A 10- to 15-year investment to develop a novel drug; 4.8% industry average ROI on R&D investment",
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      "text": "The Traditional model: Large, fixed-cost R&D organization; Discovery -> Formulation -> Pre-clinical trials -> Scale-up -> Clinical trials",
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      "kind": "source-note",
      "text": "(1) Getting Pharmaceutical R&D Back on Target; Mark E. Bunnage; Nature America, Inc. (2) The Pharmaceutical Industry and Global Health Facts and Figures 2012; IFPMA. (3) Measuring the Return from Pharmaceutical Innovation in 2013; Deloitte / Thomson Reuters.",
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      "kind": "title",
      "text": "Traditional Pharma R&D Model is Broken",
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