The pharmaceutical industry is constantly changing, but over the past 2 years this change has happened apace. Biotechs have found it increasingly difficult to float, so IPOs have declined. Larger pharmas are acquiring biotechs and have upped their other deal making activities with biotechs too. Other challenges include attaining regulatory approval and pricing and reimbursement. These have all led to deep cost cutting, staff lay-offs, reduction of fixed costs and increased outsourcing solutions, including seeking partners for risk sharing.