Science Business

In Science Business, Gary P. Pisano argues that the biotech industry—despite its great promise—has failed to perform up to expectations because it faces unprecedented business challenges. Pisano reveals that these challenges stem from the industry's special character as a science-based business, which presents three unique challenges: financing highly risky investments under profound uncertainty and long-time horizons for R&D; learning rapidly enough to keep pace with advances in drug science knowledge; and integrating capabilities across a broad spectrum of scientific and technological knowledge bases. In light of these challenges, Pisano offers companies, investors, and policymakers clear prescriptions for improving the industry's performance.