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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.

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