Bayer's Conservative Trade-Off

Largely through internal resources, Bayer has created an impressive near- and longer-term pipeling and has also done an excellent job of maintaining key drug franchises. In fact, the company's conservative style has kept it from making the kinds of mistakes that other drug companies have blundered into--in managed care and biotech deals. But that conservatism also has created limits to its tactical flexibility and ability to launch research alliances, and Bayer is eager to correct that.