Drug company R&D: Nowhere near $1 billion.

How to protect your pockets.
March 3 2011 9:19 PM

The Make-Believe Billion

How drug companies exaggerate research costs to justify absurd profits.

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Correction, March 7, 2011: This article originally and incorrectly stated that the drug companies' estimate was off by $977 million. (Return to the corrected sentence.)

Timothy Noah is a former Slate staffer. His  book about income inequality is The Great Divergence.