Bruce Booth’s Post

Bruce Booth always enjoy your writing! From your article, the small talent pool of experienced biotech entrepreneurs seems to be the limiting factor to create enough good biotech. The NIH director Monica Bertagnolli in her interview (https://freakonomics.com/podcast/how-to-fix-medical-research/) said the insufficient funding is the limiting factor for clinical trials. How would you reconcile the two views? "LEVITT: Now, I’ve heard you use an analogy of a fire hose versus a garden hose, referring to the chasm between basic research and then what’s actively being tested in clinical trials. Could you talk a bit about that? BERTAGNOLLI: There are so many possibilities that basic research has turned up. There are so many new directions that we can take even drugs that are already marketed today. But we really do have a log jam when it comes to the ability to conduct clinical research, particularly randomized clinical trials. A lot of it has to do with funding. A great deal of it, which we are certainly making inroads on, has to do with the structure and conduct of clinical trials research. But we still suffer from a real lack of overall funding support for the clinical trials end of what we do.

I found your article on biotech startup contraction offers valuable insights 💡 into industry maturation cycle. The emphasis on positive outcomes of this seemingly challenging period and reasons to embrace the change “for the better” are well considered from key success perspectives These intuitive benefits of the current contraction are well balanced with the PoV of the dire societal need to continually seek novel treatments to cure diseases. The mention of challenges in drug development and its subtle linkage to the well-articulated concept of the "Valley of Death" resonates strongly, highlighting the need for contempreneous funding structures. Our group (#UbuntuResearch) has reflected on this concept recently (https://www.linkedin.com/feed/update/urn:li:activity:7196162670092259328) and defined key strategies to "bridge" through the valley in the currently restrictive environment. Thank you for shedding light on this important topic, and I look forward to reading more of your insights in the future.

Great article Bruce, thanks for sharing these insights. What were the early signs that a correction was coming: the 40th PD1 program or the 200th CD19 CART? Personally believe that a correction will drive fiscal responsibility, portfolio prioritization and a patient/product focus. Foavors your investment strategy, and like-minded value creators. All good things even in high times, but that requires real discipline.

Thanks for providing some investor thinking publicly, Bruce Booth. Can't but wonder how much emphasis (or weight) you give the desired grey-haired management team vs the science, which arguably is driven more by the younger generation? Why is biotech different from other verticals in terms of management experience? Afterall, experience can and should be recruited by the founder, but not mandatory for company inception. And finally, after all this decades of R&D and experience, we ended up with Erooms law and still an abysmal success rate of <5%? Maybe it is time for some fresh blood in management that thinks differently? Curious about your thoughts.

Salient, if sobering, outlook on the next decade of bioinnovation. Bruce Booth - you covered how fewer startups in the ecosystem will shift capital market access, but what do you think this contraction means for the prospect of replenishing thinning product pipelines in pharma over the next 5-10 years? There are so many existential headwinds facing the industry that it’s hard to remain blindly optimistic. Perhaps that’s your point …

Awesome article Bruce Booth, as usual. So we know where the peak was but what’s your best guess as to when we will hit the bottom of the trough? Seems to me the peak was fueled by cyclic exuberance plus COVID. We are now over-compensating in the opposite direction. Based purely on anecdotal experience, it feels like the gap between number of biotechs seeking financing and amount of capital available has been widening for the past 2 years. What will catalyze a reverse?

Bruce Booth I found this so fascinating. I am I’m interested, personally, in the rise of gene therapy proliferation over the next few years to see if it contracts the therapeutics space. Also, Women’s Health’s expansion should have interesting shock waves. now looking through your historical writings. What do you think may shift these trends—if anything?

Thanks Bruce Booth, always enjoy reading your articles. I agree with your commentary that there is more at play than lack of funding... and that quality sites/clin ops teams are separating from the industry at large, in part causing that gap to widen further over time.

A little less would be great!

Always enjoy your perspective! May I repost?