Friday, July 29, 2011

Drug Discovery and Risk

An interesting article in Science Translational Medicine points out some of the deficiencies of the current model for drug discovery in big Pharma. Whereas historically drug discovery was driven by innovative and entrepreneurial scientists, it is now subjected to micro-management by company ‘bean counters’. The problem is that, unlike the generation of other types of products, pharmaceutical drug development is essentially driven by ‘black swan’ events not easily encompassed by business school management theories. Thus attempts to reduce risk through top-down management have actually increased risk and jeopardized the entire model of what was previously a highly innovative industry.

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