A nice article from McKinsey based on their consulting experience with the chemicals industry. It seems chemicals need to be nimble the way drug makers are, by moving investment in projects around to match competitive advantage. The ability to do this quickly and perform is a ticket to success. It reminds me of the classic work on the cycle time of industries, also out of MIT.
Crafting a strategic road map and responding rapidly to external shocks are critical for superior value creation in chemicals. A McKinsey & Company article.