It is no secret that it has become a nightmare for regulators to implement many aspects of the 2, 000-page document that has become Dodd-Frank, the most ambitious piece of legislation aimed at the financial system since the Great Depression.
This is the big-pharma nightmare and seems likely to keep revenues which, after a prolonged period of growth slid 2.2% in the trailing 12 months, under heavy pressure for a long time.