Recapitulating Back to Basics

As context for this year's report, last year's Back-to-School report focused on key benchmarks for accomplishing sustainability and scale at the corporate level (see Back to Basics, Sept. 8, 1998):

• The ability to reach significant market valuations.

• A product focus.

• A technology or technologies capable of producing multiple products.

• A longitudinally complete pipeline with no significant gaps between Phase III and preclinical compounds.

• An R&D process focused on developing real products for real medical needs.

• A deep management team.

• A financing plan that is realistic with respect to the amount of capital that will be required over time.

• A profit plan that plausibly layers income over a relevant timeframe to show how profitability, viability and long-term growth can be achieved.