That's actually a lot of biotech drugs. The 1.2 billion encompasses all the compounds that failed alongside the development of the one drug - about 10,000 if you count from drug discovery through preclinical trials all the way through the Phase III clinical trial and approval. So a lot of research was being done with that 67 billion. These are also just biotech drugs, not pharmaceuticals. Biotech drugs are a lot more structurally advanced and harder to develop than chemical (pharmaceutical) compounds.