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than 1,700 research deals with academia. And governments, which have long invested in the earliest stages of research, are now going further. On May 6th the European Union’s leaders approved the next phase of the Innovative Medicines Initiative, a public-private partnership to speed the development of new drugs. In February America’s National Institutes of Health and ten drugs companies announced an effort to accelerate research on intractable ailments, such as Alzheimer’s disease.

This does not mean that big drugmakers, and where they put their headquarters, are irrelevant. But the most successful ones will look ever less like the national champions of yore. For a hint of the future, take Index Ventures, a venture-capital firm. It invests in drug firms which each have a tiny staff, who oversee a drug’s development but hire outside labs and manufacturers to do most of the work. With little money sunk in fixed infrastructure, their executives are more likely to abandon unfruitful drugs earlier, diverting resources to more promising ones. This seems like a winning model not just to venture capitalists but to big pharma firms: Index’s investors include GlaxoSmithKline and Johnson & Johnson.

Enterprise M&A (Mergers and Acquisitions, M&A) including Mergers and Acquisitions two meanings, one of two ways.International habit to mergers and acquisitions used together, collectively referred to as M&A, known as mergers and acquisitions in China.Enterprise mergers and acquisitions between behavior, is the enterprise legal person on the basis of equality, voluntary, making compensation for equal value, with other legal person property rights that are acquired certain economic behavior, is the enterprise capital operation and management of a kind of main form.M&a mainly includes the company merger, asset acquisition, equity acquisition of three forms.

M&a motivation theory's starting point is the competitive advantage theory of the reason lies in the following three aspects: first, the motivation of m&a is rooted in competition, mergers and acquisitions party through to eliminate or control the other party in the competition to improve their competitive power.Second, the existence of enterprise competitive advantage is the basis of mergers and acquisitions, enterprise through merger and acquisition from external competitive advantage.Third, the realization of the m&a motivation process is the two-way choice of competitive advantage, and create new competitive advantage.Mergers and acquisitions party when choosing target enterprise for its particular advantage the target enterprise.

Classical economics and industrial organization theory from different angles respectively explained the pursuit of economies of scale.Classical economics mainly from the view of the cost of enterprise economic scale determination depends on the scale can make the total cost of the enterprise, including the factory cost minimum.Industrial organization theory mainly from the theory of market structure effect industry economies of scale, many producers should be considered in the same industry competitive costs, and utility.Enterprise mergers and acquisitions can obtain required property and assets, integration management, gain economies of scale.

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