There was no slowing of biopharma innovation in 2021, even as industry directed significant resources to, while feeling the impact of, the ongoing COVID-19 pandemic. The year saw big wins for developers of DNA vaccines and biosimilars, while CAR T expanded its reach and a drug target once considered undruggable was finally conquered. And as 2021 gives way to 2022, other potentially game-changing technologies and therapeutics are waiting in the wings.

While financings have reached record levels, the stocks of BioWorld’s Neurological Diseases Index are now underground by 12.5%, a trajectory shadowed by the Nasdaq Biotechnology Index, down by 3.45%. The Dow Jones Industrial Average representing the broader markets, however, is up by nearly 13%.

In 2021, no drug approval garnered as much attention and debate as Biogen Inc.’s Aduhelm (aducanumab). The FDA’s surprise, accelerated approval of Aduhelm for Alzheimer’s disease flew in the face of the recommendation by an advisory committee, causing a stir that included the resignation of three adcom members, along with publicly made claims that the company’s relationship with regulators had become too cozy.

Med-tech financings in 2021 have reached 673 transactions valued at $48.04 billion. This compares with 718 transactions valued at $59.7 billion in 2020, indicating a drop this year of about 6% in terms of volume and nearly 20% in terms of value. Nevertheless, 2021 is the second-best year of the last five.