Oct 10, 2018

Venture capital loves health care

Health care companies have already raked in more than $23 billion in venture capital funding this year — more than they collected in all of 2017, according to the latest figures from Pitchbook, which tracks VC investments.

The winners: Pharmaceuticals and biotechnology make up the lion’s share of those investments, with more than $14 billion. That’s more than they’ve collected in any previous year.

The big picture: Health care — biotechnology in particular — is attracting just as much cash as the buzziest sectors of the tech industry.

  • The life sciences sector attracted more early-stage VC funding in the third quarter than the burgeoning artificial intelligence industry.
  • Two of the four biggest early-stage deals of the quarter were for biotech companies. The other two were for software for autonomous vehicles.

Go deeper

Supreme Court to hear Philadelphia case over same-sex foster parents

Photo: Daniel Slim/AFP via Getty Images

The Supreme Court agreed Monday to hear a high-profile case that could reshape the bounds of First Amendment protections for religion.

Why it matters: The direct question in this case is whether Philadelphia had the right to cancel a contract with an adoption agency that refused to place foster children with same-sex couples. It also poses bigger questions that could lead the court to overturn a key precedent and carve out new protections for religious organizations.

Why Apple may move to open iOS

Photo illustration: Jakub Porzycki/NurPhoto via Getty Images

Apple may finally allow iPhone owners to set email or browsing apps other than Apple's own as their preferred defaults, according to a Bloomberg report from last week.

The big picture: Customers have long clamored for the ability to choose their preferred apps, and now Apple, like other big tech companies, finds itself under increased scrutiny over anything perceived as anticompetitive.