More knowledge, less fluff

More knowledge is usually considered a good thing. And in the past 20 years there has been an exponential increase in the amount of scientific and experiential knowledge that underpins the biopharmaceutical industry.

But knowledge has its downsides. According to biotech veterans, the industry's greater knowledge has made it harder to start and build new companies in two key ways: Both public and private investors are far more savvy than they were two decades ago, while most of the "easy" diseases and indications have been picked off...