Nasdaq biotech 3y: +20%
Nasdaq tech 3y: +75%
Are you referring to Nasdaq as a whole when you say Nasdaq tech? The Nasdaq components aren't really representative of tech startups: https://www.nasdaq.com/market-activity/quotes/Nasdaq-100-Ind...
Biotech startups IPO at a much higher rate than tech startups and IPO on average 3 years after series a: https://www.baybridgebio.com/blog/ipo_2018_q12019.html
These IPOs give IRRs of 60% on average to series a investors: https://www.baybridgebio.com/blog/venture_returns_ipo.html
Biotech VC portfolios have low loss rates and greater portfolio concentration than tech VCs
There have been 10-15 new biotech unicorns a year since 2013 or so, on annual VC funding of $5-15B
There are plenty of other sources but i don't have access to them atm
Returns to venture investments in biotech have outperformed tech in recent years, some new drugs are generating $5-10B within a few years of launch, and biopharma is the second biggest subsector of VC after software
Most people haven't heard of the top biotech VCs and companies because they don't blog or do podcasts but they are very good at what they do
And as another commenter said, some of these companies develop drugs that give people with cancer or infants with life threatening genetic disease many more years of healthy life and turn these conditions from death sentences to manageable chronic diseases