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.

One of the factors that make great companies so great is that they have processes that allow them to solve difficult problems again and again. These processes have developed over time as teams have successfully wrestled with a certain type of challenge. Eventually, people begin to say, "This is just how we do something around here." The problem develops when that team then has to solve a very different set of challenges. The processes that are such strengths can be crushing liabilities.

The innovations are far more important because the technology itself has now way to impact the world for good until it's embedded in the business model. Innovation it's the combination of the simplifying technology and the business model.

You can't find returns in investments you haven't made.

The best strategy is a balance between having a deliberate one, and a flexible, or emergent strategy.

Investing in our people is going to be costly and scarce - we need to start doing that!

There are other dimensions of biotechnology. If you think of biotechnology like the Internet, it's not a category - it's an infrastructure that can be deployed to sustain or disrupt. In health care, the most complex problems at the high end have to be dealt with in a problem-solving mode by the best, most experienced physicians you can find.