Worst year in history for Pharma: – Rising R&D Costs – Declining productivity…… declining creativity? – Uncertain pipelines – big risks, exceptional failures – Increasing regulatory conservatism – Financial instability impacting all investment – Conflict of interest impacts and yet… …..no more important time for academia and industry to work together – to develop new therapeutic agents. Should we embark on this biological target? What are Pharma’s needs in therapeutic drug development? .