An increase in regulatory approvals and new breakthrough therapies has money managers buying into the concept that biotech has entered a new product cycle that provides a strong fundamental basis for growth. They are looking for a slew of clinical, regulatory and commercial milestones to continue to drive the industry in 2014.

Investors who participated in BioCentury's 22nd annual Buyside View survey broadly agree the biotech bull run of 2013 - unlike that of 2000 - wasn't driven by hype, but by fundamentals.