Biotech innovation at all time highs
But fragmentation of research is becoming a bigger problem
If only there was a modern clinical trial marketplace
Segmentation of the biopharma R&D pipeline.
2/3 of new drugs in the pipeline in 2022 came from "emerging" companies w/ <$200M in R&D spend and annual sales <$500M.
What will change as this number asymptotically approaches ~80-90%?
