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The Money Circus Report #1

FDA Unplugged: The Radical Reforms That Could Change Biotech Forever

The Money Circus Report #1 — Golden Bear Capital research

Welcome to the very first edition of The Money Circus Report, our new series designed to bring clarity and simplicity to your financial reading experience. With this series, we aim to cover everything that doesn’t quite fit into our existing categories, offering you a space where important updates, unique comparisons, and timely insights can be shared without the need for yet another dedicated series.

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The FDA’s New Sheriff: Dr. Marty Makary’s Disruptive Vision and What It Means for Biotech

Walking into the FDA’s headquarters these days feels a bit like stepping onto the set of a political thriller. The agency, battered by years of pandemic controversy, opioid scandals, and accusations of being in Big Pharma’s pocket, is now under new management, and the mood is tense, but hopeful.

At the center of this transformation is Dr. Marty Makary, a Johns Hopkins surgeon and public health crusader, who’s just 17 days into his role as FDA Commissioner. In his first in-depth interview, Makary laid out a vision that’s equal parts radical transparency, scientific rigor, and common sense. For biotech companies, his agenda could be a game-changer—or a wake-up call.

A House Divided—and Ready for Change

Makary doesn’t sugarcoat the state of the FDA. “It’s been very siloed,” he admits, describing a culture where each department has its fiefdom, its IT system, and little incentive to collaborate. The result? A regulatory labyrinth that’s slow, opaque, and, in the eyes of many Americans, deeply untrustworthy.

But Makary is on a mission to change that. He’s on a “listening tour,” talking to career scientists, breaking down silos, and pushing for a culture of teamwork. “We need the scientific gold standard and common sense working together,” he says. For biotech innovators, this could mean a more responsive, less bureaucratic FDA—one that’s interested in new ideas, not just red tape.


Food First: The Forgotten ‘F’ in FDA

One of Makary’s most surprising priorities? Food. For decades, the FDA has focused on drugs, leaving the nation’s nutrition guidelines to stagnate.

The result: a generation of kids with chronic diseases, autoimmune disorders, and pre-diabetes. “Half of the kids are sick,” Makary says bluntly. “We’ve got to start talking about our problems, not just keep throwing medications at them.”

He’s launching a full-scale review of the food pyramid, school lunch programs, and the thousands of chemicals and dyes that fill American pantries but are banned in Europe. For biotech companies in food tech, nutrition, or microbiome research, this is a seismic shift. The FDA is suddenly interested in what’s actually in our food—and how it’s making us sick.

Drug Approval: Faster, Smarter, and Less Cruel

Makary is also taking a scalpel to the drug approval process. He’s not just promising to speed things up—he’s rethinking the whole model. Why, he asks, should a drug already approved in Europe have to go through years of animal testing in the U.S.? Why not use AI, organ-on-a-chip technology, and real-world data to predict safety and efficacy?

“We’re reducing animal testing requirements,” he announces, citing new computational models that can flag toxicity faster and more humanely than beagle studies. For biotech startups, this could shave months—or even years—off the path to market, especially for rare diseases where traditional trials are impossible.


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No More Revolving Door: Pharma’s Influence Under Fire

Perhaps Makary’s boldest move is his crackdown on industry influence. The FDA’s infamous “revolving door”—where regulators approve drugs and then take cushy jobs at the companies they once policed—has fueled public cynicism for years. Makary is kicking Big Pharma employees off FDA advisory committees, replacing them with patients and caregivers.

“We want American pharma companies to do well,” he says, “but the scientific evaluation needs to be independent.” For smaller biotech firms, this could level the playing field, making it easier to compete with industry giants who once had a seat at the table.

AI, Big Data, and the End of Medical Dogma

Makary is betting big on technology. He’s bringing in AI to streamline the FDA’s review process, cut through outdated paperwork, and help scientists focus on what matters: real-world outcomes. He’s also leveraging massive electronic health record databases to monitor drug safety in real time, not decades after the fact.

This is a huge opportunity for biotech companies that can harness big data, design adaptive trials, and prove their products work outside the lab. The FDA is moving away from “approve and forget” toward continuous, transparent monitoring.


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A New Culture…And a Warning

Makary knows he’s up against entrenched interests, both inside and outside the FDA. Some staffers are wary, and industry lobbyists are circling. But he’s undeterred. “We’re not shutting down ideas,” he insists. “Science is based on challenging deeply held assumptions.”

For biotech, the message is clear: bring your best science, your most innovative ideas, and be ready for scrutiny. The FDA is opening its doors to new voices—but it’s also raising the bar for evidence and ethics.

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The Bottom Line

Dr. Marty Makary’s FDA is not business as usual. He’s promising faster approvals, less animal testing, and a crackdown on industry influence. He’s putting food and chronic disease back on the agenda, and he’s betting on AI and big data to make the agency smarter and more transparent.

For biotech companies, this is a moment of both risk and reward. Those who can adapt to a culture of transparency, patient-centered innovation, and relentless scientific rigor will thrive. Those who rely on old-school lobbying and regulatory gamesmanship may find the door closing.

The FDA, Makary says, “belongs to the American people.” For the first time in years, it just might feel that way.


How the FDA’s New Direction Could Supercharge Our Investment Idea in Intellia Therapeutics

Dr. Marty Makary’s sweeping reforms at the FDA could be a major boost for Intellia Therapeutics, a company developing cutting-edge gene-editing treatments. The new FDA is promising to speed up drug approvals, especially for rare diseases, by accepting strong early data and using real-world patient information instead of waiting years for traditional studies. They’re also cutting back on unnecessary animal testing and making the approval process more transparent and fair, so smaller, innovative companies like Intellia aren’t crowded out by big pharma’s influence. With the FDA now focused on root causes of disease and open to new technology like AI and big data, Intellia’s advanced therapies could reach patients faster and with less regulatory hassle. In short, these changes could help Intellia bring its life-changing treatments to market sooner, making it a more attractive investment.


Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your research and consult with a licensed financial advisor before making investment decisions.

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