If you ask the average guy on the street to name five companies that have truly transformed themselves over the few decades, Hewlett-Packard would be on everybody's list. You'd also put on this list GE and Johnson & Johnson.

Efficiency innovations provide return on investment in 12-18 months. Empowering innovations take 5-10 years to yield a return. We have ample capital - oceans of capital - that is being reinvested into efficiency innovation.

In most instances, biotechnology, though a radically different approach, is a sustaining technology: It's a dramatically improved way of targeting problems that we hadn't been able to solve with the conventional approach of mainstream pharmaceutical companies.

Justification for infidelity and dishonesty in all their manifestations lies in the marginal cost economics of “just this once.

What you need is a fundamental humility - the belief that you can learn from anyone.

One quarter of Medicare beneficiaries have five or more chronic conditions, sees an average of 13 physicians each year, and fills 50 prescriptions per year.

Disruptive technology is a theory. It says this will happen and this is why; it's a statement of cause and effect. In our teaching we have so exalted the virtues of data-driven decision making that in many ways we condemn managers only to be able to take action after the data is clear and the game is over. In many ways a good theory is more accurate than data. It allows you to see into the future more clearly.