Post by Björn Cochlovius, Ph.D.

CAPITAL HAS NO NATIONALITY - AND NO SENTIMENTALITY What worries me is that parts of the German debate still seem to assume that pharmaceutical and biotech investments will remain here by default. THEY WILL NOT. Capital, talent, clinical development programmes and manufacturing facilities increasingly flow to those jurisdictions that offer the MOST ATTRACTIVE COMBINATION of innovation, predictability and speed; and they do so with remarkable efficiency and very little emotional attachment. We all know that and are amazed by the starry-eyed behaviour of OUR POLITICIANS. From an industry and investor perspective, the real risk is not that Germany becomes (even more) LESS COMPETITIVE. The real risk is that German policymakers continue to believe that world-class science automatically guarantees world-class investment. IT DOES NOT. The US, China, the Gulf states and parts of ASEAN are not waiting for Europe to make up its mind; they are ACTIVELY COMPETING for the next generation of biotech, pharmaceutical manufacturing and strategic technologies. The PAINFUL TRUTH is that innovation is mobile, capital is impatient and global competition is ruthless. Countries do not lose their position overnight, they lose it gradually, one investment decision at a time, until eventually everyone wonders when exactly the centre of gravity moved elsewhere. #BiotechInvestorInsights #BoehringerIngelheim #EliLilly #Investment