Industry Challenges & Opportunities - Biotech industry faces record lows and structural challenges [1] - Technology progress is disconnected from market reality [1] - Drug development costs are exploding, reaching $25 亿 (2.5 billion) per approval [1] - The industry needs to invent medicines impossible to make with current tools [1] Competitive Landscape - China's investigator-initiated trials offer speed and cost advantages [1] - Geographic arbitrage in China is rewriting the competitive playbook [1] - The industry is exploring how to compete with China by inventing new technologies [1] Innovation & Future Trends - AI in drug development aims to reduce the cost of a $25 亿 (2.5 billion) drug to $5 亿 (500 million) [1] - The industry is focusing on treating aging before fully understanding it [1] - The next iconic biotechs will likely rebundle the stack [1]