Biopharma Industry Review: A Year of Challenges and Changes in 2023
The biopharma industry experienced a challenging year in 2023, marked by a significant decrease in funding and a high number of bankruptcies. According to PitchBook, the industry raised approximately $24 billion in 2023, a stark decline from the higher funding levels of the previous three years, which saw annual figures of $38.1 billion, $53.9 billion, and $36.9 billion, respectively.