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Given the all-encompassing nature of the global financial crisis — and the capital- intensive character of drug R&D — it is not surprising that the last two issues of Beyond borders dwelt extensively on the downturn and the pressure it placed on biotech’s business model. In our Introduction articles, as well as throughout much of the reports, we catalogued the measures companies were taking and highlighted new approaches and models that were already starting to emerge — from project-based venture funding to fail-fast R&D programs to increasingly virtual organizations. And we also raised concerns about the impact on the industry’s business model, as the crisis took a severe toll on funding (the model’s key input) and placed innovation (its key output) under growing strain.