The Closing Plenary at the BIO Investor Forum focused on what it's going to take to return to a thriving marketplace. The financial crisis has led to additional investment in the biotech space, which has yet to be retracted. The outperformance of biotech will continue to attract investors. Small biotech companies have been hurt the most and no value is being given to pipeline - many companies trade below cash. Panelists believe consolidation is real this time. Staying away from structured finance like convertible debt is advised. Investors like simple financing models that they can forecast accurately. Look for a few truly great companies to emerge from the market turmoil. Changes in the overall healthcare system under the next administration are a major topic investors are watching. Much of what has backlogged the FDA over the last decade has been "me-too" drugs. Biotech companies need to innovate and find new MOA to add value to patients and investors and to please the FDA, making a better overall drug industry. Future drug approvals may first be in a single indication, with follow-on indications being added based on additional clinical data. The classic debate remains over the optimum time for partnering, early vs. late, or even not at all. Both sides were argued, but all agreed that capital access is critical to the industry and it may take “many shots on goal” to find winners.