The document discusses innovative drug development strategies for treating refractory hematological malignancies. Over the past decade, proteasome inhibitors and immunomodulatory drugs have improved treatment outcomes for multiple myeloma patients. However, patients eventually relapse, highlighting the need for new treatment options for relapsed or refractory multiple myeloma. Two new drugs, pomalidomide and carfilzomib, have addressed this need but room for additional therapies remains. The report provides an overview of approved therapies and unmet needs in treating relapsed myeloma, acute myeloid leukemia, and myelodysplastic syndromes as well as a discussion of promising late-stage drug pipelines and commercial opportunities in these therapeutic areas.