In Science Business, Professor Pisano analyzes why the biotechnology industry failed to perform up to expectations despite all its promises. Professor Pisano's unique critique of the industry reveals the underlying causes of biotech's problems and offers an overall analysis on how the industry works. According to Pisano, the biotech industry's faces three unique business challenges: 1) the financing of high risk R&D investments in uncertain and long time horizons, 2) rapid learning to keep pace with advances in drug science knowledge, and 3) integration of capabilities across a broad spectrum of scientific and technological knowledge bases. He prescribes an approach to fixing the industry which includes new business models, modified organizational structures, and financing arrangements that place greater emphasis on integration and long-term learning over shorter-term "monetization" of intellectual property.