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Bringing a new drug to market now takes an average of about 10 years and $1 billion. Bad as those numbers sound, the situation is actually much worse...
The storm in the euro zone shows no signs of blowing itself out. The European Union’s belated decision to create a 750 billion euro rescue package has done little to calm the markets.
The euro has continued to fall against the dollar. And dismal economic news has continued to multiply. Euro zone unemployment is now 10.2 percent. The European Central Bank warns that European banks face more than $239 billion in write-downs before the end of the year. The crisis is taking its toll on Europe’s vaunted social model, and people have taken to the streets to express their fury. Some public-sector workers have gone on strike.
