Biotech Values

[DewDiligence]

I don't see why biologics get only 5 years of exclusivity like small molecules when the cost to bring a biologic to the market is much more expensive than that of a small molecule.

It isn’t.

By far the largest component of the cost of bringing a new drug to market is the implicit cost of the programs that fail. This implicit cost is not appreciably higher for biologics than it is for small-molecule drugs.