Author and Ovid Therapeutics Chairman Jeremy Levin identifies a dangerous paradox: while biotech science is advancing at an extraordinary rate, the system that translates science into medicine is weakening. He points to pressures on capital, regulators, and public trust as fractures in the infrastructure that made American biotech dominant.
The FDA is being pulled from its independent center by political pressure and leadership turnover. Biotech exec Jeremy Levin argues that while smaller players are speaking out, the 'titans' of the pharmaceutical industry are 'dead silent.' He suggests their silence allows the erosion to continue, threatening the predictability and integrity of the entire system.
Jeremy Levin urges biotech leaders to be bold, defining it as 'disciplined courage.' This means choosing important, non-fashionable science over me-too drugs (e.g., another PD-1), building companies for long-term patient impact rather than a quick sale, and vocally defending the institutions that enable innovation, even when it's uncomfortable.
True biosecurity isn't about replicating old, low-cost factories in the U.S. Instead, it requires a 'BioBuild' strategy focused on creating advanced, innovative manufacturing capabilities. This means investing in the engineering and science to lead in complex areas like cell and gene therapies, where the manufacturing process itself is the product, rather than just bringing back capacity for generic pills.
Eli Lilly's Verve 102 gene editing treatment went viral on social media, with longevity enthusiasts touting it as a one-shot end to heart disease. In reality, it's very early Phase 1 data from a small trial in a specific patient population with a genetic form of high cholesterol. This highlights a growing gap between scientific communication and public perception.
Jeremy Levin outlines China's deliberate, 25-year strategic plan for biotech, moving from API production to CROs, attracting scientific talent, creating lookalikes, and now developing novel medicines. He warns that unless the U.S. treats biotech as a strategic asset, China's state-driven approach will make it the dominant innovator within five years, partly funded by Western pharma investments.
The financial system's focus on short-term trades is misaligned with biotech's 10-year development cycles. Jeremy Levin suggests a policy solution: treat biotech investing like long-term real estate. He proposes tiering capital gains taxes so that investors who hold stock for many years receive a greater tax benefit, incentivizing long-term commitment over short-term volatility.