This report is a pension-fund led dialogue between the pharmaceutical industry and its investors that attempts to capture the rich and complex discussion about how the pharmaceutical industry and its investors can take proactive steps to achieve a better alignment between the interests of its shareholders and wider society. It includes recommendation about how to manage productivity challenges, changing societal expectations, developments in technology and the growth in importance of the emerging markets. Download Pharma Futures 1 - The Pharmaceutical Sector: A lon-Term Value Outlook.