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In today’s biotech environment, value creation is increasingly shaped by execution choices made early—often long before a program reaches late-stage clinical development. One of the most consequential of those choices is how a company approaches drug–device strategy. For injectable biologics, and many specialty medicines, the delivery system is not an accessory. It is part of the product. It shapes the patient experience, influences dosing accuracy and safety, affects commerc

When people talk about what drives success in biotech, the conversation usually centers on targets, mechanisms, and clinical data. Those matter, of course. But quietly, behind many of the programs that succeed—and many that struggle—sits another determinant of value: formulation science. Formulation is where a molecule becomes a medicine a patient can actually use. It shapes whether a therapy is delivered through a quick injection or a long infusion. Whether dosing is managea