Much less experimental and fundamental research.

Companies aren't going to invest in experimental research in the biotech space as the costs are so high.

Most compounds end up getting validated in some way shape or form by researchers, then productionized by the private sector.

This has a pipeline effect on development in the industry.

For example, mRNA Vaccine research was purely experimental research done by postdocs and junior researchers at UPenn in the 1990s, before being commercialized by BioNtech and Moderna in the mid-2000s.