The Australian biotechnology sector is known for its volatility and costly clinical trials. Picking winners in this sector is challenging due to the complex science involved. Unless one has extreme specialization, success is uncertain.
The Australian biotechnology sector has produced massive winners such as the $140 billion blood products giant, CSL, but is also notorious for its unnerving volatility and costly clinical trials . The ASX has 171 companies in the healthcare sub-sector, 85 in the pharmaceuticals sub-sector and 39 in a biotech sub-sector. Aside from gems like CSL, it is a space with a reputation for rollercoaster returns and outlandish claims about “breakthroughs” that never materialise.
Hugh Dive, the chief investment officer at Atlas Funds Management, says picking biotech winners is tricky because each company is underpinned by inherently complex science. “So much rests on understanding the science, so you get a very binary outcome – either it works fabulously, or it goes to zero,” he says. “Unless you have extreme specialisation in an area, it’s har
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