The regular season is over.

For the last decade, biopharma operated in a permissive environment. Pricing power was durable. Capital was abundant. Competitive cycles were slow enough to manage with conventional planning. That era has closed. The industry has entered its championship window. The stakes are now measured in franchise survival rather than quarterly outperformance. The rules have changed. The clock has shrunk. The field has narrowed. A company can still build a generational molecule and lose the decade if it misreads policy timing, misprices manufacturing reality, or assumes that discovery speed equals delivery speed.