In the fourth year of the COVID-19 pandemic, the World Health Organization is monitoring two omicron subvariants, BA.5.2 and BF.7, causing a surge of COVID-19 cases in China. It also is keeping abreast of rising XBB.1.5 cases and declining BQ.1 cases in Europe and the U.S., where hospitalizations have increased in recent weeks. Global cases in the last month are trending below the same timepoints in 2020 and 2021, and deaths are significantly down, suggesting a move toward an endemic stage.

Investment in the fourth quarter of 2022 was dismal in Asia Pacific, as the global venture community focused on preserving capital. And the region faced other challenges throughout the year, as leaders in Australia and across Asia became acutely aware of the vulnerabilities in their supply chains. But the year also saw some big deals and collaborations involving companies across Asia Pacific, along with advances in regenerative and digital medicine.

The proportion of clinical data focused on COVID-19 therapeutics and vaccines has dropped from 21.3% in 2020 at the height of the pandemic to only 7.7% for 2022.

Investment in the fourth quarter of 2022 was dismal in Asia Pacific, as the global venture community focused on preserving capital. And the region faced other challenges throughout the year, as leaders in Australia and across Asia became acutely aware of the vulnerabilities in their supply chains. But the year also saw some big deals and collaborations involving companies across Asia Pacific, along with advances in regenerative and digital medicine.

U.S. FDA approvals in 2022 are down by 31.3% compared with last year and clearances for new molecular entities are at the bottom of all recent years. As of Dec. 20, the agency had approved 143 drugs and biologics in 2022, including supplemental filings, just slightly higher than the 138 approvals in 2016, but far behind the 208 approvals recorded in both 2021 and 2017.

It was a year of turmoil in Europe as Russia’s invasion of Ukraine and the fall-out from the COVID-19 pandemic shaped the fortunes of the life sciences industry in 2022. After years of tension, Russia’s attempt to annex Ukraine on Feb. 24 caused outrage and disruption and was unanimously opposed on humanitarian grounds by the life sciences and pharma industry.