What you're saying is true, but it's not exclusive to biotech's. I enjoy the show Undercover Boss, regardless of how well the CEO thinks he knows the business, he invariably finds the job to be harder than he believed.
When bosses have to do things themselves they generally find them much harder to do then they ever appeared to be while watching the workers.
I'm a believer that regulators often cause substantial delays that no one really wants to talk about as those very same regulators are the ones who must approve what they're doing. Whether it's the FDA on drug approval, or a building inspector permitting construction to commence, or be completed, the regulator can totally gum up the works if they so choose, it's best to keep them happy.