Abstract
New science set the tone for the drug industry this year. It can be credited for a wave of investment as well as progress in finally translating long-standing technology into actual products. Notable developments in 2018 include the approval of the first RNA interference therapeutic, the uneven advance of the gene-editing tool CRISPR, a renewed interest in oncolytic viruses, and real momentum in developing gene therapies for a wide swath of diseases. Whether it came from venture capital firms or the public markets, investment in the biotech industry soared in 2018. The rush of cutting-edge science—novel ways to harness the immune system, a proliferation of gene-editing tools, and new ideas for how to access previously out-of-reach drug targets—has pulled billions of dollars of venture capital into start-ups that hope to one day be the next Genentechs or Amgens of the world. Biotech initial public offerings also hit a recent record,
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