How do you replace a rock star like Scott Gottlieb at the FDA? Maybe you can't
Anyone looking for a convenient weather vane to determine the reaction to Scott Gottlieb’s abrupt departure from the FDA need go no further than the $XBI. The S&P Biotech ETF took a 4% hit. And it was down another 1.8% ahead of the bell on Thursday.
The market and the industry loved Gottlieb, as we underscored on several occasions with industry surveys highlighting the intense enthusiasm for someone who advocated for collaborating with the drug industry. Biopharma had a partner in Gottlieb, and they all knew it.
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