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... Replacement Therapy (HRT) sector has been growing rapidly, especially in Britain. Pharma's subsidiaries are responsible for managing the registration process for new drugs and for local sales and marketing efforts. Before 1990, the core activities, namely R&D (although some R&D was also carried out on a subsidiary level), production and business management, were all centred at headquarters in Zurich. It was organized into divisions and then by functions within the division (figure 1). Figure 1: Former structure of Pharma S.A. In 1990 a new structure was announced in order to increase the level of coordination between countries and to focus product development efforts on the core products in Pharma's portfolio. Four SBUs (Oncology, dermatology, gastro-intestinal drugs and HRT drugs) were created in Zurich to be responsible for providing "strategic direction". A separate European Marketing Board was created to coordinate the registration and launch of products that would still be carried out ...