Industry Analysis
Biopharma Capital Allocation
How major biopharma companies deploy capital, 2010–2025.
February 2026·10 min read
rhyasen
Notes on biology and business
Industry Analysis
The Real Constraint on Biopharma M&A
Forget about firepower.
February 2026·10 min read
Industry Analysis
Eroom's Law: Innovation Isn't Broken, It's Just More Expensive
Eroom's Law is driven by three structural forces: trial complexity, the outsourcing premium, and a patient recruitment crisis.
February 2026·16 min read
Industry Analysis
Why Biopharma Can't Consolidate
Tech giants own their markets. Despite decades of mega-mergers, pharma never will.
January 2026·6 min read