Biomedical Innovation: Lessons From the Past and Perspectives for the Future

Back around the turn of the millennium, the future of the pharmaceutical industry was bright. Amazing technologies were converging to enable a top‐to‐bottom reengineering of drug research and development (R&D). The “omics,” combinatorial chemistry, high‐throughput screening, robotic automation, and systems biology, promised to bring order and method to drug research's bewildering complexity. Pharmaceutical executives—many of whom were ill at ease with their scientists' freewheeling ways—were excited. Gushing with an enthusiasm that was typical of the times, a former industry Chief Executive Officer spoke glowingly of the launch of “two to three new blockbusters… each year” driving a quadrupling of revenues.