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on the cover Making metrics matter: The changing paradigm of R&D metrics As the pharma industry comes under greater scrutiny, everything from discovery processes to R&D productivity to profit margins is subject to review. Metrics systems are being implemented to realize efficiencies and boost productivity. 8 FEATURES Cautious capital The funding environment for biotech and start-up companies has improved considerably during the past few years. But venture capital investors are more cautious and more demanding than ever before. 22 The asthma market breathes easier The approaches to treating asthma continue to evolve. Combination therapies, leukotriene antagonists, and the introduction of more expensive novel agents are expected to breathe new life into the market. 30 Confluence marketing: A union of forces for a shared outcome Daniel Teper, Pharm.D., CEO of Energy & Co., discusses why it’s important for various stakeholders in healthcare to come together for a shared agenda. 38 Dr. Mark Ahn — Poetic science Using a mix of literature, history, and traditional business skills, Mark Ahn, Ph.D., has found ways to unlock the imagination of his colleagues and employees at Hana Biosciences to build a company with a vision for cancer therapies. 44 in every issue Letter from the Editor 3 Opinions 6 Global Perspective Steven Van Yoder shares his perspective on the biotech boom in Japan. 42 For Art’s Sake A creative review by the experts 50 PharmaTrax Sales, marketing, and R&D trends from industry analysts 52 What’s New New healthcare-related products, services, and companies 56 E-Media New electronic and Web-based applications, sites, and technologies 60 On The Calendar Industry events 62 Talent Pool Executive appointments and promotions 68 Karen Briegs believes companies need to develop metrics that can be acted upon in real time. According to Tom Luginbill, there is still room for improvement in the asthma market. Dr. Ahn says great literature describes the principles of our existence. Contents March 2005