Innovation—the catechism of those who would save the drug industry—has its dark side: the increased risk of failure at a time when the business can ill afford it. On the one hand, the drug industry continues to equate novelty with new molecular entities (NMEs). On the other, the industry focuses substantial energy on the novel targets of genomics and proteomics, and the novel chemistries created for them, thus substantially increasing the level of R&D risk—it's far less risky, scientifically, to pursue a target many researchers have already explored than one you've discovered yourself.
Drug companies have begun to recognize this unfortunate circumstance and have been cutting back on their discovery dealmaking: too often,...
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