Pharmaceutical companies must shift more investment from marketing into research, and link their drug prices more tightly to efficacy in the next few years or face collapse, a new report on the industry’s future warns.

In “Pharma 2020: the vision”, PwC, the consultancy, argues: “The current pharmaceutical industry business model is both economically unsustainable and operationally incapable of acting quickly enough to produce the types of innovative treatments demanded by global markets.”