The Innovator's Method

Conclusion

Turn Uncertainty into Opportunity

IN THE FIRST DECADES of the US biotechnology industry, most biotech companies operated according to the same rule: identify one promising candidate drug (usually following up on an insight coming from academia), and then focus virtually all your resources on bringing this drug to market. Because the cost and technical uncertainty in discovering and developing new drugs were so high, the prevailing wisdom argued that nascent biotech companies had neither the capital nor the know-how to develop a broader research base or drug pipeline. Furthermore, diluting efforts by attempting to do so was a sure recipe for failure. While many young companies raised tens to hundreds of millions of dollars to develop ...