That's de-risking, de-skilling and outsourcing. Back then, in the last century, the US and Europe had a functioning chemical industry. Unfortunately, information technology took off, and investment banking discovered that returns are better with Facebook than in Pharma, consequently that's where the jobs are now. Also, mergers & acquisitions took off in the same time. Why invest in research when you can buy up someone else's research? Industry research does not exist any longer in the sciences. The sciences are not a good proposition any longer if you want to make a living.