# Theraputics have much less market risk than most other high-margin technologies Most high-margin technologies are not incremental changes. As a result, they rarely slot easily into existing systems, requiring adopters to overhaul processes, build new skills, think in new ways, and potentially swap out a significant amount of capital. Most frontier technology requires inventing an entirely new sales channel. Often, it’s not even clear how to best use a non-incremental new technology. All of these barriers mean that most high-margin technologies have significant market risk. Therapeutics are high margin, but avoid many of these market risks: Legal mandates on insurers mean that incremental improvements can still command high margins. ([[The American healthcare system warps the market for health technology]]). Using new drugs rarely threatens a career. There is an established playbook by which new companies can partner with large drug companies who have sales channels to insurers and doctors. All of these dynamics mean that therapeutics have much less market risk than most high-margin technologies.