[danielweber]

"Early stage research" is such a wacky term you haven't a hope of getting that nailed down.

If you sit down like a serious person and look at a well-defined question, like "where do drugs that end up being administered to patients start their existence?", you get

58% from pharmaceutical companies.

18% from biotech companies.

16% from universities, transferred to biotech.

8% from universities, transferred to pharma.

http://pipeline.corante.com/archives/2010/11/04/where_drugs_...