In contrast to 1988, today's pharma marketplace is rife with pricing pressures, generic erosion, and increasing public, political, and regulatory scru-tiny. But, just recognize that the drug drought is the "disease" producing these troubling symptoms, and the cure becomes apparent. An industry that has gradually become reliant on biopharma and other third parties to stock its pipeline must continue to be creative in its business development approaches. Pharma must formulate new business models as well as new products. Its future depends on it.

Stan Bernard, MD and MBA, is president of Bernard Associates LLC, a management consulting firm that provides strategic planning, business development, and marketing services to health- care and pharmaceutical industry clients. He is also a senior fellow at The Wharton School of Business, where he has been teaching Pharmaceutical Management since 1991. Dr. Bernard can be reached at (908) 234-2704 or at SBernardMD@aol.com
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