This report reviews global pharmaceutical R&D activity, showing sustained innovation despite funding volatility. Clinical trial activity remains strong, driven by emerging biopharma companies and advances in oncology, neurology, and rare diseases. The analysis highlights longer development timelines, increasing trial complexity, and geographic shifts in research activity. While regulatory approvals remain robust, productivity challenges persist. The report underscores the importance of adaptive trial design, global diversification, and data-driven decision-making to improve R&D efficiency and patient impact.

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