The Peel with Turner Novak cover image

Elad Gil on Conviction, AI, Biotech, Ambition, Speed of Execution, and Non-Obvious Startup Advice

The Peel with Turner Novak

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Challenges in Building Large Biotech Companies

The biotech industry has not seen the founding of $50 billion plus companies recently, unlike the tech industry which has seen companies like Stripe and Shopify. The highest recent market cap in biotech is Moderna at about 40 billion due to the COVID response. Vertex and Regeneron, worth tens to 100 billion, were founded in the 80s. The biotech sector faces challenges in building large companies, possibly due to systemic distortions, industry structure, regulation, founder models, and the time required for drug development.

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