The way Moderna has developed a vaccine without even having the virus in their lab is astonishing. But there is a big misunderstanding between the wonders of the company’s Covid vaccine and its long-term opportunities. Moderna has the potential to lead the world in treatment of the four big killers: autoimmune disease, cardiovascular disease, cancer, and infectious disease. The CEO, Stéphane Bancel, seems to have realized that the traditional biotech model, let alone that of Big Pharma, simply doesn’t work. He is determined to make improvement not marginal, but tenfold. He has brought a Silicon Valley-type attitude to drug development. He wants to prove that success in biotechnology is replicable and abundant.People aren’t grasping Moderna’s ability to keep replicating what it has done in the one-off Covid saga—and not only in vaccines. Moderna is the most culturally different and identifiably ambitious company that I have come across in health care in a very long time.