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“Dumpster fire.” “Biotech bear market.” “A market rout.” Going by recent descriptions of the performance of biotech stocks, the industry is on the ropes.

But those of us who have been in biotech for a while know that even when headline writers are using their grimmest language, innovation eventually wins — and so do patients. Downturns like those in 2002, 2008, and 2016 all gave way to better times, and so will the volatile period we are in now.


Downturns put pressure on organizations, but they also catalyze change. They realign priorities and sharpen the focus of the most driven innovators. The price of biotech stocks may be saying one thing, but the continued breakthroughs of the industry are saying something else. And that’s the message we should never lose sight of.

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