In 1994, my retirement from Merck was celebrated in the lavish style characteristic of today's successful American corporations. There was the magnificent dinner complete with a small band and huge floral centerpieces. And, of course, the made-to-order video with shots of my friends, family, and colleagues from around the world saying nice things about me and what we had accomplished in the past nine years. The outdoor phase of the retirement ceremonies was held on a sunny October day in Rahway. Dr. Bruce Alberts, President of the National Academy of Sciences, lauded my scientific and academic accomplishments. New Jersey Governor Christie Todd Whitman helped dedicate Merck's Rahway site as the “P. Roy Vagelos Research and Development Center.” I appreciated their kindness, but I could hardly stand any of this praise. I couldn't wait to leave and jumpstart the next phase of my life.

It was of course comforting to know that Merck was in good shape. The Clintons’ bashing had caused the stock price of Merck and all the major pharmaceutical companies to drop. Merck slid from $54 to $29 a share, but it was slowly recovering – as we knew it would. Merck's core business was fundamentally very strong. Perhaps the best news accompanying my retirement was our progress in developing an effective treatment for HIV infection and AIDS, the kind of achievement that makes work in the pharmaceutical industry unusually rewarding.