What happened to the Biotech industry?

The Harvard Business School Working Knowledge writes about the Biotech industry and how in the 1980s it looked like th industry would revolutionalize healthcare and imporove hon the R&D process. While some firms have made breakthroughs, the industry as a whole does not have a good track record and has in fact even suffered losses. Professor Gary Pisano talks about his new book "Science Business: The Promise, the Reality, and the Future of Biotech" and how the industry has created poor conditions for science based businesses to bloom.

"The sector has indiscriminately borrowed business models, organizational strategies, and approaches from other high-technology industries under the (false) premise that if it worked there it will work here," Pisano writes.