The credit crunch is likely to slow development of the next round of innovative drugs and change the way the pharmaceutical industry is structured.Venture-capital firms are reducing their biotech investments and venture-backed IPOs have just about dried up and opportunities for bank loans are shrinking. A diminished biotech sector is bad news for major pharmaceutical companies who depend on start-ups to invent new drugs that the giants then acquire and market.Bankruptcies will result in further consolidation of the industry. There also will be layoffs in those biotechnology companies that survive.The Biotechnology Industry Organization a trade group in Washington says 38% ...