{"id":142182,"date":"2026-07-22T16:27:12","date_gmt":"2026-07-22T20:27:12","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/tracking-biopharma-innovation-through-ai-licensing-and-index-performance\/"},"modified":"2026-07-22T16:27:36","modified_gmt":"2026-07-22T20:27:36","slug":"tracking-biopharma-innovation-through-ai-licensing-and-index-performance","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/tracking-biopharma-innovation-through-ai-licensing-and-index-performance\/","title":{"rendered":"Tracking biopharma innovation through AI, licensing and index performance"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a6151ef7c7e2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Tracking biopharma innovation through AI, licensing and index performance<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/artificial-intelligence\/\" rel=\"category tag\">\n                    Artificial Intelligence\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/361681129.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Laboratory Research\" title=\"Laboratory Research\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a6151ef87a7f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">July 22, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a6151ef8a474'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span class=\"TextRun SCXW10776633 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW10776633 BCX0\">As AI shifts value creation earlier in the drug development cycle, investors are paying closer attention to signals that may help\u00a0<\/span><span class=\"NormalTextRun SCXW10776633 BCX0\">identify<\/span><span class=\"NormalTextRun SCXW10776633 BCX0\">\u00a0emerging biopharma innovation.<\/span><\/span><span class=\"EOP SCXW10776633 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<li><span class=\"TextRun SCXW91392350 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW91392350 BCX0\">Since launch, the Bloomberg Global Innovative Biopharma Index has outperformed broader healthcare and biopharma benchmarks, driven\u00a0<\/span><span class=\"NormalTextRun SCXW91392350 BCX0\">mainly by<\/span><span class=\"NormalTextRun SCXW91392350 BCX0\">\u00a0security\u00a0<\/span><span class=\"NormalTextRun SCXW91392350 BCX0\">selection<\/span><span class=\"NormalTextRun SCXW91392350 BCX0\">.<\/span><\/span><span class=\"EOP SCXW91392350 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<li><span class=\"NormalTextRun SCXW42909634 BCX0\">The index\u00a0<\/span><span class=\"NormalTextRun SCXW42909634 BCX0\">methodology<\/span><span class=\"NormalTextRun SCXW42909634 BCX0\">\u00a0uses drug licensing activity to\u00a0<\/span><span class=\"NormalTextRun SCXW42909634 BCX0\">identify<\/span><span class=\"NormalTextRun SCXW42909634 BCX0\">\u00a0companies whose innovation is being\u00a0<\/span><span class=\"NormalTextRun SCXW42909634 BCX0\">validated<\/span><span class=\"NormalTextRun SCXW42909634 BCX0\">\u00a0through partnerships, co-<\/span><span class=\"NormalTextRun SCXW42909634 BCX0\">development<\/span><span class=\"NormalTextRun SCXW42909634 BCX0\">\u00a0and milestone-based deals.<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a6151ef8d654'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW162324346 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW162324346 BCX0\">Biopharmaceutical innovation has\u00a0<\/span><span class=\"NormalTextRun SCXW162324346 BCX0\">traditionally\u00a0<\/span><span class=\"NormalTextRun SCXW162324346 BCX0\">been difficult to capture through traditional market exposures. Drug development is capital-intensive,\u00a0<\/span><span class=\"NormalTextRun SCXW162324346 BCX0\">time-consuming<\/span><span class=\"NormalTextRun SCXW162324346 BCX0\">\u00a0and uncertain by nature, with value often created years before a therapy reaches commercialization.\u00a0<\/span><\/span><span class=\"EOP Selected SCXW162324346 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:257}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a6151ef8ed8b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_8387769588634599260\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/explore\/equity-indices\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Equity Indices\"\n        >\n                      Bloomberg Equity Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">At the same time, advances in AI are transforming how drugs are discovered, shifting the industry toward faster, more data-driven and high-throughput innovation models. That shift adds a new layer to an already difficult challenge for investors: identifying companies that can consistently generate high-quality innovation and convert it into value.\u00a0 <\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a6151ef924f6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">This article looks at how an index-based approach, using the Bloomberg Global Innovative Biopharma Index (BGIBT) as an example, can help track value creation in the modern biopharma ecosystem. Designed with this objective in mind, BGIBT focuses on drug licensing activity as a proxy for innovation and combining biotech innovators with large pharmaceutical partners. This approach has become increasingly relevant as the industry shifts from a model dominated by late-stage asset purchases toward one characterized by high-throughput, early-stage innovation, where value is validated through licensing, co-development and milestone-based partnerships.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since launch in March 2024, the index has provided a practical test of whether this framework can capture that evolving dynamic in practice.\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a6151ef93b6a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Tailored indices insights and invitations in your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_7617380982678800114\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/indices-insights-tailored-to-your-interests\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a6151ef96be5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TrackedChange SCXW230221826 BCX0\"><span class=\"TextRun SCXW230221826 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW230221826 BCX0\" data-ccp-parastyle=\"heading 2\">Validati<\/span><\/span><\/span><span class=\"TrackedChange SCXW230221826 BCX0\"><span class=\"TextRun SCXW230221826 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW230221826 BCX0\" data-ccp-parastyle=\"heading 2\">on of<\/span><\/span><\/span><span class=\"TrackedChange SCXW230221826 BCX0\"><span class=\"TextRun SCXW230221826 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW230221826 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0biopharma innovation signals<\/span><\/span><\/span><span class=\"EOP SCXW230221826 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW70501904 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">In the research leading up to\u00a0<\/span><span class=\"NormalTextRun SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">the index launch<\/span><span class=\"NormalTextRun SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">, <\/span><\/span><span class=\"TextRun SCXW70501904 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/investing-in-biopharma-innovation-can-you-stay-one-step-ahead\/\" target=\"_blank\" rel=\"noopener\"><span class=\"NormalTextRun SpellingErrorV2Themed CommentHighlightRest SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">a<\/span><span class=\"NormalTextRun CommentHighlightRest SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">\u00a0prior attribution analysis\u00a0<\/span><\/a><span class=\"NormalTextRun CommentHighlightPipeRest CommentHighlightRest SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">using Bloomberg\u2019s PORT function, a portfolio and risk analytics tool that helps assess the drivers of performance, showed that,<\/span><\/span><span class=\"TextRun SCXW70501904 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentHighlightRest SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">\u00a0<\/span><span class=\"NormalTextRun CommentHighlightPipeRest SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">in the five years through March 2024, the strategy outperformed broad\u00a0<\/span><span class=\"NormalTextRun SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">healthcare<\/span><span class=\"NormalTextRun SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">\u00a0by approximately 13.6% cumulatively,\u00a0<\/span><span class=\"NormalTextRun SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">driven largely by stock selection<\/span><span class=\"NormalTextRun SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">\u00a0within\u00a0<\/span><span class=\"NormalTextRun SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">biotech<\/span><span class=\"NormalTextRun SCXW70501904 BCX0\" data-ccp-parastyle=\"Normal (Web)\">.<\/span><\/span><span class=\"EOP Selected SCXW70501904 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:2,&quot;335559740&quot;:300}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">What has happened since the index launch is, in many ways, a stronger version of that story. Based on COMP, a Bloomberg Terminal tool used to compare relative performance, for the live period from March 11, 2024 to June 11, 2026, the index returned 51.80%, compared with 7.93% for the Bloomberg World Health Care Large &amp; Mid Cap Index (WORLDTH Index), generating 43.87% of outperformance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Note, WORLDTH is used as a broad healthcare market benchmark for contextual performance comparison. It is designed to represent broad healthcare sector exposure and serves a different investment objective from the Bloomberg Global Innovative Biopharma Index.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Importantly, this is materially larger than the historical 13.6% outperformance observed before launch. The implication is that the signal visible in historical analysis has strengthened in the live period, rather than faded. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"802\" height=\"730\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Bloomberg Global Innovative Biopharma Index Performance Comparison vs Broad Healthcare Sector\" title=\"Bloomberg Global Innovative Biopharma Index Performance Comparison vs Broad Healthcare Sector\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-1.png 802w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-1-552x502.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-1-800x728.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-1-768x699.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-1-119x108.png 119w\" sizes=\"auto, (max-width: 802px) 100vw, 802px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Narrowing the comparison to the Bloomberg World Biotech &amp; Pharma Large, Mid &amp; Small Cap Index (WBIOLST Index), representing the same investable universe\u2014leads to a similar conclusion. Based on PORT analysis, the index still generated 29.04% of outperformance, indicating that results cannot simply be attributed to sector allocation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Looking more closely at the underlying performance mechanics, Bloomberg\u2019s PORT attribution analysis shows that most of the outperformance was generated by security selection (approximately 29%), while asset allocation contributed negatively.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This suggests that performance was not simply driven by overweighting biotech or other innovation-heavy segments of healthcare. Instead, the index appears to have exposures to specific companies within those segments that deliver stronger performance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That outcome aligns closely with how the index is constructed. By ranking biotech companies based on recent licensing activity, the methodology prioritizes companies whose innovation has already been externally validated, rather than relying on broad sector exposure. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"809\" height=\"487\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-2.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Bloomberg Global Innovative Biopharma Index Since Inception\u00a0\" title=\"Bloomberg Global Innovative Biopharma Index Since Inception\u00a0\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-2.png 809w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-2-552x332.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-2-800x482.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-2-100x60.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-2-768x462.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-2-179x108.png 179w\" sizes=\"auto, (max-width: 809px) 100vw, 809px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TrackedChange SCXW141539537 BCX0\"><span class=\"TextRun SCXW141539537 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW141539537 BCX0\" data-ccp-charstyle=\"Heading 2 Char\">How AI is changing the biopharma innovation cycle<\/span><\/span><\/span><span class=\"EOP SCXW141539537 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335559740&quot;:300}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">One possible reason the live period may have been especially favorable is that the market itself might have changed. More of the industry\u2019s economic value is now being recognized earlier in the life cycle, before a product reaches commercialization, trends that might have been reinforced by advances in AI.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bloomberg reporting highlights early evidence that <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-31\/ai-speeds-up-drug-development-but-effectiveness-is-untested\"><span style=\"font-weight: 400;\">AI is already changing the pace of drug discovery<\/span><\/a><span style=\"font-weight: 400;\">, with a consulting estimate suggesting that AI-driven R&amp;D could reduce the time and cost of bringing drug candidates to human testing by 25% to 50%. More broadly, <\/span><a href=\"https:\/\/www.iqvia.com\/blogs\/2026\/05\/iqvia-institutes-global-r-and-d-trends-2026-report-finds-credible-signal-on-ai-enabled-programs\"><span style=\"font-weight: 400;\">industry analysis<\/span><\/a><span style=\"font-weight: 400;\"> points to improving success rates for AI-enabled programs at early clinical stages.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The implication is not simply faster timelines. It is a shift in where value is created. The greatest efficiencies are concentrated in early-stage R&amp;D, precisely where licensing often becomes the first signal of validation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The index methodology is designed to capture this shift directly and remains robust as the underlying R&amp;D model evolves.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First, it uses drug licensing as a proxy for value creation, applying a rolling Drug Licensing Activity Score (DLAS) to identify companies already demonstrating external validation through partnerships. Active drug licensing activity is increasingly viewed as a signal of deeper investment, stronger financial commitment and robust pipeline development for the licensee. These are the same transactions that increasingly underpin sector returns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is evident at the constituent level. Innovent Biologics, for example, partnered with WeComput to build an AI-driven drug discovery platform integrating NVIDIA BioNeMo, aiming to improve R&amp;D efficiency and success rates. Such platform-oriented collaborations are precisely the type of early validation signal that the DLAS framework is designed to capture.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The methodology also explicitly rewards early-stage innovation, where AI\u2019s impact is most concentrated. By incorporating preclinical and Phase I activity, in addition to later-stage trials, it captures forward-looking pipeline expansion well before assets reach commercialization.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.cancer.gov\/about-nci\/organization\/cbiit\/news-events\/news\/2024\/nci-doe-and-bridgebio-researchers-leverage-hpc-power-cancer-drug-discovery\"><span style=\"font-weight: 400;\">This dynamic is also evident in BridgeBio Pharma<\/span><\/a><span style=\"font-weight: 400;\">, one of the top contributors to performance. The company has applied AI and high-performance computing in collaboration with research institutions to accelerate molecule discovery and reduce development iterations, illustrating how computational approaches are increasingly embedded across the innovation process.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The timing of performance provides additional context. Attribution shows relatively modest and uneven contributions through much of 2024, followed by more consistent gains through 2025 and a clear acceleration into late 2025 and early 2026. This coincides with a broader shift in how investors assess the sector, with increasing emphasis on early-stage innovation, licensing validation and differentiated pipelines. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"688\" height=\"547\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-3.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Top Contributors by Security Selection via PORT\" title=\"Top Contributors by Security Selection via PORT\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-3.png 688w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-3-552x439.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Biophrama-chart-3-136x108.png 136w\" sizes=\"auto, (max-width: 688px) 100vw, 688px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TrackedChange SCXW225358096 BCX0\"><span class=\"TextRun SCXW225358096 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun TrackChangeFormatHighlight SCXW225358096 BCX0\" data-ccp-parastyle=\"heading 2\">Tracking biopharma value creation through licensing and partnerships<\/span><\/span><\/span><span class=\"EOP SCXW225358096 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">In modern biopharma, value creation is increasingly tied to early-stage innovation, external validation and the ability to turn scientific progress into commercial opportunity. Rather than capturing innovation broadly, an index-based approach can focus on signals that indicate when innovation is being validated and translated into market value.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BGIBT applies that framework by identifying companies actively engaged in innovation, and capable of validating that innovation through licensing and partnerships, can outperform broader healthcare peers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The evidence since launch reinforces that premise. The index has delivered significant outperformance versus the benchmark, and attribution analysis shows that this was driven primarily by stock selection within innovation-focused segments. The comparison with the pre-launch period suggests that this effect has strengthened in the live period.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, AI appears to have reinforced the relevance of a methodology already designed to capture early-stage innovation, licensing dynamics and the evolving division of labor between biotechs and large pharmaceutical companies.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In that sense, the BGIBT Index provides a systematic framework for tracking how biopharma value creation is evolving as the industry changes.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/professional.bloomberg.com\/explore\/equity-indices\"><span style=\"font-weight: 400;\">Learn more about Bloomberg Equity Indices<\/span><\/a><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a6151ef9c799]::before {\n\t\t\t\tbackground-color: 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This article explores how the Bloomberg Global Innovative Biopharma Index (BGIBT) can help track value creation across the biopharma ecosystem.<\/p>\n","protected":false},"author":1935,"featured_media":99512,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[3715,453,3661],"tags":[3672,547,3842],"series":[],"class_list":["post-142182","post","type-post","status-publish","format-standard","hentry","category-artificial-intelligence","category-markets","category-technology","tag-equity-indices","tag-indices","tag-indices_2026","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tracking biopharma innovation through AI, licensing and index performance | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Biopharmaceutical innovation has traditionally been difficult to capture through market exposures. This article explores how the Bloomberg Global Innovative Biopharma Index (BGIBT) can help track value creation across the biopharma ecosystem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/tracking-biopharma-innovation-through-ai-licensing-and-index-performance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tracking biopharma innovation through AI, licensing and index performance | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"Biopharmaceutical innovation has traditionally been difficult to capture through market exposures. 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