ABSTRACT
The introduction of biotechnology firms into the pharmaceutical industry drastically influenced how firms marked advances in all areas of therapeutics. While drug discovery used to be serendipitous, biopharmaceutical firms actively seek promising drug candidates, conduct clinical trials, purse Food and Drug Administration approval, and market their products directly to physicians and consumers. The future success of the industry will be determined by the development of personalized medicines, the entrance and expansion into emerging markets, and most importantly, industry leaders who are willing to try new types of business models, such as dynamic capabilities building and entrepreneurial approaches. Business model innovators such as Google, Southwest Airlines, and Netflix deliver value that customers want most by directly connecting customers and cutting fees. The chapter also presents some closing thoughts on the key concepts discussed in the preceding chapters of this book.
