Meanwhile, makers of generics developed more efficient manufacturing processes and negotiated bulk discounts on raw materials.

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The premise: Buy up lots of small companies in a fragmented business--such as used cars, funeral homes, office products, food distribution and medical diagnostics--then purchase raw materials in bulk to cut costs.

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It also sells raw materials to competitors through its bulk pharma business.

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For years, analysts have warned of the impending oversupply in the dry bulk shipping markets as newbuilds were coming online faster than demand for raw materials was growing.

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