Opinion | No, Big Pharma’s high prices don’t drive innovation - The Washington Post

"Our research shows that the biggest drug companies largely fail to turn their enormous profits into discoveries. Instead, most innovation is taking place at small, unprofitable start-ups, whose drugs are largely excluded from Medicare's new price negotiation system. When it comes to pharmaceutical innovation, smaller is better… 

You'd think that the biggest drug companies with the biggest R&D budgets would have the most productive research labs. But it doesn't work that way…"

https://www.washingtonpost.com/opinions/2024/04/04/drug-prices-big-pharma-innovation/