Leen Kawas on Biotech's Funding Reality Check: How Capital Scarcity is Reshaping R&D Priorities

Following a record-breaking $39 billion in venture capital funding in 2021, the U.S. biotech sector saw a sharp downturn. By 2023, investments had dropped to approximately $23 billion—a staggering 40% decline. This tightening of capital sparked significant industry fallout, with 187 biopharma companies across the U.S. announcing layoffs in 2023, marking a 57% surge in workforce cuts compared to the year prior.

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