I was once told by a serial Life Sciences Entrepreneur (with both Biotech & MedTech exits) that when it comes to taking care of their young (early stage ventures) the Biotech industry is “mammalian” and MedTech industry is “reptilian”. In other words, Biotech/Pharma nurtures their young (In-licensing/Out-licensing deals) and MedTech eats their young (acquisition/do not commercialize).