Behind the biotech doldrums, currents of change are flowing: a Perspective

Biotech’s having a rough year. Halfway through, the mood has shifted from panic and despair to pragmatism tempered by a sense of resigned despondency. But don’t let that fool you; this era will mark an inflection point, and what emerges from it will look markedly different from biotech of the last decade.

Though there are some signs of optimism in the capital markets, the IPO scene continues to drag down sentiment. In parallel, undercurrents of change are weaving through four areas: FDA, drug pricing, China, and the innovation landscape — including AI...