Some major—and almost totally ignored—news from Washington, D.C., is about to upend the biotech world, turning America into “the world’s pharmacy” in short order—and giving us a chance to buy a solid 6.8% dividend for just 91 cents on the dollar. That might sound hard to believe for woebegone biotechs, which have fallen further than the S&P 500 this year, going by the performance of the benchmark iShares Biotechnology ETF (IBB). That’s despite the sector’s importance during the pandemic—and despite the fact that some 10,000 Americans turn 65 every day, sharply increasing demand for pharmaceuticals as the senior cohort grows. Biotech Catches a Cold The problem is that despite these tailwinds, biotech is weighed down by the same problems that are dragging on the rest of the economy: lower R&D funding as interest rates rise, and supply-chain issues that are hurting productivity.… Read more