If you think that biotech = pharma, you're about 2 decades behind. Biotech = fabrics, materials, health, food, chemicals, etc.

Perfumes, flavors, spider silk, biosensors, glowing plants, etc. are all biotechnology that require the one thing cheaper than software on this planet - dirt. They copy code orders of magnitude cheaper than bandwidth - water & sugar & light.

The billion dollar tools developed by big pharma now are running in the thousands of dollars, and there are no shortage of million dollar problems.