Leveraging Lilly
Executive Summary
Three years ago, Lilly gambled big on managed care with its acquisition of PCS--and lost. Its new strategy wagers almost as much on research, but this time the bets are hedged. As it aggressively builds infrastructure, it expands its program but limits its own flexibility and diminishes the likelihood that it can exploit all of its programs. Thus it will increasingly outlicense and sell assets it is not exploiting.
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