[bkmartin]

The chart you reference shows that they are virtually the same...

All of Health vs All of Tech - yes, you are right. Tech is about double.

But Pharma, Biotech, Life Sciences show better returns over Tech as a whole and virtually equivalent Software & Services return.

I would argue that there are definitely players in the Tech space that are raking some very hefty profits, but are in highly competitive markets that could see that erode into losses very quickly... I do not think we are quite in the realm of price gouging and the lower barriers to entry in most of tech keeps things from swinging too far off the charts.

[vibrio]

One should consider any survivorship bias in thinking about that. Also consider that a series A in biopharma is commonly well above above $30MM, and that doesn't generally even come close to funding proof-of-concpet clinical studies. That combined with any survivorship bias complicates the economic interpretations of cross industry profit margins.

[bkmartin]

That doesn't really apply here does it? My comment is only in reference to S&P500 companies, that the OP to my comment referenced.