Harald Stock, CEO of Grünenthal, a specialist in tamper-resistant pain drugs, sees the industry in 2013 through a prism that he believes falls out of the mainstream. First, he says, "I think Europe is still a great market and you can do good business there." Secondly, he dismisses skepticism around R&D. "Our reason to be in business is to innovate." He says perseverance and innovative products can succeed, even in difficult markets. The company invested 27% of its budget on R&D last year and even though it will lose the patent on its biggest brand this year, it will not see a sales decline. About half of the company's revenue comes from partnerships, like its relationship with Endo, and Stock was at J.P. Morgan looking to find some new ones, particularly in the U.S.