Biotech company MannKind (MNKD -0.13%) remains among the most hotly debated speculative plays on the stock market. Its ultra-rapid inhalable insulin drug Afrezza has yet to gain FDA approval, and it will have to compete with Eli Lilly's Humalog, Novo Nordisk's NovoLog, and Sanofi's Apidra if it does eventually get the green light. While MannKind's story continues to unfold, investors might be questioning whether management has made the right moves and pursued the right strategy up to now. Should the company have invested so much into Afrezza, or should the focus have been on licensing its inhaler technology to other companies? Should MannKind have been conceived as a biotech, or as a medical-device maker? Health-care analyst Max Macaluso weighs in on the debate in the following video.