At the end of this crisis, the biopharma ecosystem might emerge with a better landscape

It’s not yet clear how deep the economic scars will be for biotechs from this crisis. Some will surely suffer. But VCs and pharmas see an opportunity for the industry to emerge stronger, given that there’s plenty of cash to fund the top science and a chance to raise the signal to noise ratio.

The sentiment is that, despite the sobering economic outlook, the exuberance of the past few years in biotech will not come to a grinding halt. Instead, good science will still get funded, but the heyday for all-comers is over, and that could benefit the ecosystem broadly...