By Stu Hutson

“It was the best of times, it was the worst of times…” Charles Dickens may not have lived during the age of blockbuster drugs such as Lipitor and Vioxx, but his writing captures the state of the pharmaceutical industry. Although product pipelines are drying up, the emergence of new markets, coupled with the advent of personalized medicine and other advances, offer exciting opportunities for drugmakers. And, given the unpredictable drug-development environment, analysts are keeping a watchful eye as a ‘tale of two CEOs’ unfolds at two top pharmaceutical firms.

This year kicks off with new chief executives at two of the largest drugmakers, New Jersey–based Merck and Pfizer, headquartered in New York. One leadership change seems to show a company sticking to a carefully plotted course. The other, a more unexpected switch at the helm, reveals a pharmaceutical giant with a fluctuating business approach.

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Image: Newscom, Pfizer