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The danger of the investment in pharmaceutical R&D, because the R&D process leading is thus long too new pharmaceutical products and will leave at any time to have can, investments in R&D can seem to be in high degrees risky froma financial perspective. It is not so.Any considerable research-created pharmaceutical firminvests in many different R&D processes, many, those to the different diseases to be addressed at the same time and betruebt different parts of the human body. Many of these processes cannot furnish fruit; others are successful to different degrees. In a direction then large pharmaceutical firmis notmuch different froma largemutual capital invests, except that the latter only in the different financial collateral, while a pharmaceutical company invests in the R&D for a different briefcase of the new pharmaceutical products. From the illustration of an investor in stock of a pharmaceutical company, the danger, which is acquired in the entire river of the return by a pharmaceutical company on its entire briefcase of the R&D investments is associated, is essentially different not to the danger of an investment in good-varied unit trust fund. This view emerges from the economic briefcase standard theory, in addition, from the empirical research. 34 Uwe E. Reinhardt for example, Stewart Myers (1999) represented estimations of the financial danger and the connected loaded average costs of the procurement of capital of the large pharmaceutical enterprises. He found that the danger index of such enterprises, measured by the so-called Betakoeefizienten, was near at danger the index of an expanded market index, like the standard and arms the 500, 1. The number suggests that, if that to efficiency factors on the general market index around itself we say 10% increased or fall efficiency factor of a large pharmaceutical company bends, in order to increase or fall approximately same percentage. Financing, those interprets an appropriate loaded average price for this danger index not by the inflation of approximately 14% is settled and an inflation clearing illustration from approximately 10%. These are the interest rates one would use to convert time-divided R&D of rivers into its present or terminal values. By contrast suggested Stewart estimated the Betakoeefizienten for smaller biotech companies, everywhere organized around one or unites products, like from 1.5 to 2,3 and that, if that changes efficiency factors on the general market index above or down by 10%, efficiency factors on biotech shares, bends, past between 15% and 23% to swing above or down, that the share certificates means much, which strongly through biotech companies aremuch risk fromthe perspective of the investors and the connected loaded average costs of the procurement of capital are issued.