Eroding revenues, cost pressures and pipeline failures… due to targeted approach?

I have got an invitation to a webinar: EXTERNAL INNOVATION: REPLENISHING THE R&D PIPELINE

And in the invitation was very interesting description of the situation:

External pressures have led to sweeping changes in the way companies find new drugs. Eroding revenues, cost pressures and pipeline failures have made large pharmaceutical companies more risk-averse and dependent upon academia and small companies for sourcing innovation. Companies large and small have also experimented with new research models: pre-competitive collaboration, innovation networks, micropharmas, public-private partnerships, on-line exchanges, etc.

Key words here: Eroding revenues, cost pressures and pipeline failures. Well, what’s about targeted approach? Is it really well understood that it is not sexy anymore?