The growing emergence of biotech companies and specialized knowledge base has lead to a shift in strategic focus for life science companies. Even though R&D spend is on the rise, companies still look to external targets as a means of supplementing pipelines and bolstering their product portfolios. The need to expand the reach of R&D programs has driven major new investments in co-development, licensing, acquisitions and strategic alliances, as companies look to gain access to new sources of innovation.