The first five months of the year showed a slight increase in U.S. FDA approvals, though numbers are down compared to the previous four years. Worldwide approvals are down 16.67% through May, but up 5.42% compared to the previous seven years’ average.

Patent expirations, a shrinking IPO window and reduced capital availability amidst higher interest rates are just a few of the challenges faced by the biotech industry in the post-pandemic era, although the mid- to long-term industry outlook is still favorable. The 33rd edition of Ernst & Young’s Beyond Borders report describes these obstacles and more faced by biotech, as well as advice for companies for traversing “a complex path forward.”