Although biopharma investors pulled back in 2022 – largely a response to freely flowing funds the previous two years during COVID-19 surges – they are cautiously returning to the sector, as the industry has raised $32.8 billion in the first half of 2023, a 23.6% jump over the same period last year.

Both the value and number of reported biopharma nonprofit deals has fallen significantly, being at the lowest amount in the past five years. Compared to the first five months of last year, the value of biopharma nonprofit deals has decreased by about 63%. Meanwhile, money raised via grants has fallen slightly, 6.11%, but is vastly less than the value and number seen in 2020.

Clinical data in the first five months of 2023 is remarkably consistent to last year. BioWorld reported on 1,449 drugs in phase I-III this year, compared to 1,452 in the same time period in 2022. Numbers are down 12.13% from 1,649 in 2021, but up from 2020’s 1,419 and 2019’s 1,173.