High throughput functional annotation of the proteome has emerged as a standard tool for target identification. In contrast, target validation, which requires detailed analysis of biological function, has until recently remained an essentially experimental low throughput activity. Currently, there is considerable interest in accelerating and improving the validation process to counter the declining number of small-molecule-based therapeutics being released onto the market. Progress in high throughput proteomics is a key technology in this respect. Uniquely, it offers the ability to rapidly identify and characterize networks of interacting proteins, which in turn presents new opportunities to develop alternative lead development strategies.