The specialty pharma model, or No Research Development Only (NRDO) model, has attracted significant amount of venture financing in the past few years, after the pendulum shifted away from funding early-stage technology. With more and more investors looking to fund companies around clinical or pre-clinical stage assets, there are fewer available
high-quality assets remaining to be selected, even if one were to search globally for such assets. The return on investment for this model may be going down as a result of the supply vs. demand shift. It leads naturally to the question: Are we near the end of the specialty pharma play? If so, what comes next?

• Facilitate discussions on whether specialty pharma model is a sustainable investment model or not, and exchange ideas on how to play "specialty pharma" model differently and better• Stimulate discussions on the potential next "hot" funding model after specialty pharma
• Provide the audience with case examples from both the investors' perspectives and the entrepreneurs' perspectives