In 2006, Fortune ranked Genentech as the best company to work for. McCracken shares their secret: it is the empowerment of the employees and the validation of their hard work, which comes in the form of gratified patients.

Joe discusses innovative practices put in place in the sales and research organizations within Genentech. He cites the 20% free time and incentives for publishing for scientists and the focus of the sales force on at most two products as major reasons for Genentech's success both in the lab and the marketplace.

Joe McCracken, Vice President of Business Development at Genentech, describes Genentech's business model where commercialization takes a back seat to science. He differentiates this from other typical pharmaceutical companies and shows how this affects the culture at Genentech. He credits this approach for the successful innovation of several hugely profitable drugs.

Joe discusses the recent lack of investment in biotech. He explains that after the biotech bubble in 2000, VCs have been hesitant in investing in biotech companies, and this has led to a slowdown in innovation in the industry.

Joe comments on the widely held debate in the biotechnology industry about the legality and effectiveness of generic drugs. Joe feels that as long as the follow-on biologics are effective and safe, they would be great for the industry. He states the Genentech will compete by continually innovating better drugs.