Maybe that’s fine? A company that can do cutting edge research and a company that can manufacture and market at scale don’t have to be the same company.
There is a invisible incentive filter though- nobody will create a startup that is not worth buying for a large company - or whos product would cannibalize somebody elses product in the oligopoly.
I am not sure that's true (is it?) but more so, don't see how that follows from Pharma's alleged focus on acquisition. Can you give me an example where in a different world something good would happen that isn't happening now and why? I am not trying to be difficult just genuine don't see it yet.