No, that isn't the case. The fundamental research occurs in academia, but early development which includes working out how to deliver it, how to mitigate side-effects and then the clinical trials. Getting a drug into use is very distant from finding compounds in a lab.
> so the actual innovation occured in academic settings, as was the query.
Well no not at all. Innovation is both the process itself + the supporting requirements necessary to make it work on a massive scale. We cannot minimize the cost of investment in making sure treatments are effective and non-harmfulu in the general population. That is a critical part of medical innovation.
