WHERE ARE ALL THE TRILLION DOLLAR BIOTECHS?

Summary from the TLDR newsletter

The drug development industry addresses the most tractable diseases with the biggest outcomes first. However, unlike with other industries, reinvesting capital from early wins back into the ecosystem hasn't accelerated the industry's progress - it has been on a reverse trend for a while now. For the industry to advance, manufacturing and trials need to get cheaper with each run, regulations should become more adaptive, approval frameworks should increase and not decrease in variance, and new therapeutic modalities should focus on unlocking new biology. Until these new paradigms take hold, it will be difficult to build a trillion-dollar biotech.