The Brutal Truth About Biotech: Why $2B Per Drug Is Killing Innovation

Venture capitalists Elliot Hershberg and Lada Nuzhna analyze the structural crises facing the biotech industry, from Eroom's Law driving drug development costs to $2.5 billion, to China's rapid, low-cost clinical trials outmaneuvering US startups. They argue that for American biotech to survive, it must shift from competing on commoditized platforms to inventing entirely new modalities and medicines that are impossible to create without bleeding-edge tools like AI, targeting massive opportunities like aging.