Our usual top-down biotech sector metrics showed that 1H24 was… pretty boring (though for us bottom-up folks, individual companies offer plenty of excitement). After the last few years, boring ain’t bad. With expectations of Fed easing interest rates due to waning inflation, the excitement level for the second half of the year has already picked up, but that’s not reflected in the metrics here.

As the founder of two biotech companies in Arizona that are currently fundraising to support drug development, it’s clear to me that the Inflation Reduction Act will steer me away from developing cancer drugs for older Americans. This is a problem that can be fixed.