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159. Voices of CEO Excellence: Merck’s Ken Frazier. Episode 1
Inside the Strategy Room
The Importance of Commitment to R&D
Ken Frazier: Merck had gone through about a decade of a rather fallow period in terms of R&D productivity. He says you needed to be committed to R&D for the long run, but someone once said that the long run is composed of a series of short runs. And so at the same time, we were not willing to make large and indiscriminate cuts in the R&D budget, he says. "That was probably the hardest thing that I ever had to do as CEO"
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