With respect to teh definition of "biotech" vs "big pharma" is that they all have an inevitable problem with law of large numbers and multiple moving parts meaning that as a small company with few compounds the success or failure of any one compound can be huge - and it's easier to siolate an event or a sector's effect on your investment. As large pharma moves into or acquires commericialized biotech products the are more "biotechy" then they previously were but to label them as "biotech" is like labeling McDonalds as a health food company because they include a salad on their menu.
In my mind biotech means more about being primarily R&D and less comercialized products - its one of the few industries where companies routinely have no product and no clue if they ever will have a viable business or product and they can get funding and be a public entity.
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