"There is a long history of political controversy around drug industry claims about the expense of developing new medicines. Pharmaceutical companies have defended the prices of their drugs by pointing to past estimates of the cost of developing a new medicine. Most of these estimates, which took a bottom-up approach of estimating each step in the drug development process, came in far below the numbers I’m using here."
Hear this argument hundreds of times. But still Novartis had a Net Income of 9.245 billion(2011), Johnson & Johnson 9.672 billion(2012), and Pfizer 14.57 billion(2012).