The virtual model works for biotech, Big Pharma

The virtual model of drug development features a core management group that coordinates R&D activities, which are largely outsourced to other parties. The benefits include less overhead and faster clinical progress. But when the idea first surfaced in the 1990s, venture capital funding was plentiful and biotech wasn't under as much pressure to keep its operations lean and mean. Funding has become less readily available in the last few years. Biotechs that were once encouraged...