§ 11 · SECTOR DEEP DIVE · 11 PLATFORMS
Pharma & Biotech
Where lock-in is measured in patents, protocols, and irreplaceable scientific infrastructure.
11
Platforms
3.39
Mean B
2.81
Median B
11/11
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 Pfizer (1.82)
| # | 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 | Veeva Systems | VEEV | $35B | 1.43 | 0.37 | 3.88 | BLACK HOLE |
| 05 | Roche | ROG.SW | $220B | 1.43 | 0.37 | 3.88 | BLACK HOLE |
| 06 | Eli Lilly | LLY | $890B | 1.22 | 0.43 | 2.81 | BLACK HOLE |
| 07 | Novo Nordisk | NVO | $300B | 1.13 | 0.43 | 2.61 | BLACK HOLE |
| 08 | AstraZeneca | AZN | $315B | 1.12 | 0.43 | 2.57 | BLACK HOLE |
| 09 | Johnson and Johnson | JNJ | $575B | 1.10 | 0.43 | 2.53 | BLACK HOLE |
| 10 | Moderna | MRNA | $15B | 0.85 | 0.46 | 1.86 | EVENT HORIZON |
| 11 | Pfizer | PFE | $160B | 0.88 | 0.49 | 1.82 | EVENT HORIZON |
B-Index Distribution
Mean Parameter Profile
Capture Escape Extended