Bristol's Bid for Revival

Without the revenue increases to fuel R&D budget growth, Bristol-Myers' new CSO James Palmer must make more of existing assets. As he describes it in this interview, his conservative approach is symbolic of an entire industry waking up to its over-reliance on internal discovery and unvalidated targets. And as part of his risk-lowering strategy, he will continue to move the company away from low-acuity primary-care markets to far more specialized, higher-acuity segments where safety is less of a concern with regulators than efficacy.