Exactly right Gary, most of the inventive and advanced work in biotech is being done by small bios that are taking all the risk with the help of small, retail investors. It’s quite a ridiculous situation, but big capitalized firms don’t like risk when they can sit on 100 year old discoveries like insulin, and just raise the prices and let the massive billions in revenue just roll in.
Big Pharma is not exactly the most innovative set of entrepreneurs in biotech. They mostly just steal for cheap from the farms of small firms they like to keep in a distressed state unless they sell out early.