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While many of the compounds which become drugs are discovered with public support, the testing and trials are almost exclusively privately funded.

That said, when was the last time Pfizer brought a new drug to market, from invention on?

Seems like the pharmaceutical industry mostly pushes the risks off on venture capitalists, then buys the startup as trials near completion.

Sure, the VC of successful products are richly rewarded, but big pharma isn't actually taking the risk.