The biopharma industry is emerging from one of the sharpest boom-and-bust cycles in its history. Following a sharp decline in biotech venture funding (2025 deal counts down by two-thirds since 2021, according to Crunchbase) and rising lab vacancies (over 50% in Seattle, according to HughesMarino), the industry is now rebounding.
American biotech hubs like Boston, Seattle, and San Diego are starting to wake up again. But will they be able to learn from the lessons of the recent past? For many biopharma industry stakeholders, the post-COVID downturn provides a truly constructive opportunity: a forced reset of how biotech companies are built, and an opportunity to build them with an eye towards the future.
How we got here
Simply put, over the past 25 years, biopharma’s business model grew unsustainable.
The headline numbers tell the story. In Deloitte’s annual analysis of biopharma R&D productivity,…
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