"but we're still nowhere near 30+ years before a product is delivered, after which you then have the FDA approval process."
This is your first mistake. Pharmaceuticals are not delivered until after the FDA approval process.
I never said I worked for them, but I did study what they do when I was applying to work for them years ago. All of the big ones work off of a long term strategy.
One other thing. In business school I was informed that the board of directors of an large company (any type) was to look out for the strategic long-term good of the company. This was defined in the text books as being not less than 25 years and usually went to at least 50 years.
Oh, a B-school type....
By deliver, I do not mean to the customer. Deliver meant that the research resulted in a product.... that was readily apparent, but its clear you missed it.
Having worked for and with some pharms, I can tell you their "long term strategy" does not reach anywhere near far enough out for a 30+ year timeframe for results. What they call "long term" typically means some results are delivered in the 10-15 year time frame.
They are generally far more interested in a 10 year or less development for some treatment drug, for say, arthritis, than in doing difficult research that cures anything. Those sorts of things they generally leave to research institutions.
You're seriously confusing your b-school texts with the real world. While directors do tend to try to position the company to be around in 25 to 50 years, they definitely do not make business plans for products more than 10-15 years out. If you think otherwise, well.....