The Bio Report
Biopharma R&D Growing Stronger
Mar 20, 2024
Murray Aitken from IQVIA discusses the growth in biopharma R&D funding and drug launches in 2023. He talks about the increase in M&A activity, the new patent cliff, and trends for 2024, including Chinese innovation and financing opportunities.
30:36
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Quick takeaways
- Global funding for biopharmaceutical R&D increased to $72 billion in 2023, signaling industry growth from $61 billion in 2022.
- AI's role in drug discovery is expanding, but industry caution remains in assessing its true impact.
Deep dives
Global Funding Increase and R&D Trends
Global funding for bio-pharmaceutical research and development rose to $72 billion in 2023, showing growth from $61 billion in 2022. The Icubia Institute for Human Data Science's report highlighted the surge in M&A activity to $140 billion and discussed the industry's trajectory post the outlier pandemic years of 2020 and 2021. The renewed focus on pre-pandemic trends and challenges faced by the biotech sector in funding and spending cuts was a notable aspect of the discussion.
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