§ 11 · SECTOR DEEP DIVE · 6 PLATFORMS
Pharma & Biotech
Where lock-in is measured in patents, protocols, and irreplaceable scientific infrastructure.
6
Platforms
4.16
Mean B
4.13
Median B
6/6
Above B = 1
Key Structural Finding
Pharma lock-in is invisible to consumer analysis but extreme at institutional level. Illumina controls 70-80% of sequencing — the entire field of genomics is structurally dependent on one company's data formats. IQVIA is healthcare's Bloomberg: decades of patient data that cannot be replicated. Veeva is pharma's Salesforce: compliance amplifies switching costs by 3-5x versus generic SaaS.
Sector Rankings — Illumina (5.78) to Moderna (1.86)
| # | Platform | Ticker | Mkt Cap | Capture | Escape | B | Zone |
|---|---|---|---|---|---|---|---|
| 01 | Illumina | ILMN | $20B | 1.66 | 0.29 | 5.78 | BLACK HOLE |
| 02 | IQVIA | IQV | $45B | 1.51 | 0.29 | 5.18 | BLACK HOLE |
| 03 | Thermo Fisher | TMO | $195B | 1.63 | 0.37 | 4.38 | BLACK HOLE |
| 04 | Roche | ROG.SW | $220B | 1.43 | 0.37 | 3.88 | BLACK HOLE |
| 05 | Veeva Systems | VEEV | $35B | 1.43 | 0.37 | 3.88 | BLACK HOLE |
| 06 | Moderna | MRNA | $15B | 0.85 | 0.46 | 1.86 | EVENT HORIZON |
B-Index Distribution
Mean Parameter Profile
Capture Escape Extended