The problem with innovation in the sciences is that R & D is so capital-intensive and requires deep subject knowledge. Back then, innovation happened at industry research laboratories, the CEO used to be a scientist or engineer, and most important, CEO salaries were lower. When you ran your company into the ground you'd be without a golden parachute. I'm not convinced at all that Elizabeth Holmes or Carly Fiorina are an improvement over Roy Vagelos or Dave & Bill. I'd say that the current system stifles innovation.