Although flexibility in manufacturing is not a novel concept, its definition is amorphous, and the financial benefits are ambiguous. What specific types of flexibility are most valuable in pharmaceutical manufacturing: facility, process technology or regulatory flexibility; product, operation or capacity flexibility? How much additional resource should a firm be willing to spend upfront to gain flexibility down the road? And how do emerging technologies compare to traditional technologies across the multiple dimensions of flexibility? In this talk, the answers to these questions will be pursued, and the argument will be made that a premium must be paid upfront to obtain flexible manufacturing down the road, in order to best respond to our volatile, uncertain, complex and ambiguous (VUCA) world.