This is, btw, a bad argument for the notion that Pfizer and J&J don't contribute to pharmaceutical innovation; paying to outsource research *does* contribute to that research being done.
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What it means is that preclinical-stage biotech startups are mostly not competing with Big Pharma so much as selling to Big Pharma. The best early-stage R&D happens outside the big companies, and pharma execs *know this*.
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This is not news to people in biotech but I keep seeing people outside the industry get confused about it. “How will a brand new startup ever be able to afford to bring a drug to market?” They don’t! They partner with bigger companies. Or license IP, or get acquired.
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I.e. they are largely parasitic rent seekers.
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I have a lot of criticisms of big pharma companies, but buying components from other companies does not itself make you a rent seeker! A pharma company buying preclinical IP is in principle the same kind of thing as a car manufacturer buying steel.
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