Beyond novel science

If we're lucky, Merck & Co.'s move last week to acquire Medco Containment Services Inc. for $6 billion will put an end to biotech road shows where CEOs proclaim their intention to build a "fully integrated pharmaceutical company."

Nobody knows that a fully integrated pharma company is going to be, and the whole idea dangerously distracts from the new thinking required to create companies that can acquire financing and provide a return for investors. The critical point is that the remapping of health care is unstoppable. President Clinton's health care plan will provide a focus (or lightening rod) for these changes, but Pandora's box was loosened before he and Hillary Rodham made the scene...