Global Biopharma: Primer: Alzheimer's: an underappreciated multi-decade opportunity?

In our view the answer is a resounding 'yes' for 4 reasons: A) the unmet need is high as the biologics approved in 2023-2024 (the first to slow disease progression rather than alleviate symptoms) are only marginally effective; B) a recently approved blood test should turbo-boost the TAM; C) Roche's secret sauce (the 'Brain Shuttle') should step-up biologic efficacy, safety and convenience; D) the novel GSM tablet class could be a 'game changer'. Alzheimer's is 20x more prevalent than Multiple Sclerosis (MS) and far more sensitive to aging populations. The AD drug market today is where MS was 25 years ago;