Is biotech worthwhile?

Thought provoking BusinessWeek interview with Gary Pisano about pharma/biotech dynamics, particularly saying that biotechs really don’t create value, mostly because they’re “science-based businesses., rather than businesses that do science.

In Pisano's words, the deck is stacked against start-ups as biotechs lack “the scale, the capability, and the experience across the constellation of technologies to do it effectively.” He also says that integrating all of the pieces is impossible for a start-up.

Pisano goes so far as to suggest that stand alone public biotechs will cease to exist, and that biotechs will tend to form deeper relationships but with fewer partners.