The med-tech industry has seen a significant boost in fundraising, amassing $16.13 billion in the first seven months of this year, a nearly 38% increase from the $11.73 billion raised during the same period last year.

Stocks tumbled on Aug. 5, with the Dow Jones Industrial Average falling more than 1,000 points amid a disappointing jobs report released by the U.S. Labor Department on Aug. 2. The BioWorld Stock Index, which tracks approximately 510 U.S. biopharma stocks, was up 17.27% for the year on July 26 before closing Aug. 5 up only 3.47%, representing a significant drop. Likewise, the Nasdaq Biotechnology Index fell as much as 200 points that day. Despite the downturn, the biopharma industry remains well-positioned to outshine other sectors during challenging economic times.

Biopharma financings soared to $73.76 billion in the first seven months of 2024, marking a substantial 102% jump compared to the $36.47 billion accumulated in the same period in 2023. This amount places 2024 just behind the record-setting years of 2020 ($80.42 billion) and 2021 ($80.74 billion) in terms of funds raised through July. The $2.04 billion secured in July also is an increase from the $1.87 billion raised in June.

The BioWorld Drug Developers Index (BDDI) continued to track closely with the Nasdaq Biotechnology Index (NBI) and the Dow Jones Industrial Average (DJIA), maintaining its trend upward after a decline at the end of April. BDDI increased by 2.14% through the end of June, following a 1.82% rise through May, after ending April down 4.8% from the start of the year.

In the first half of 2024 (1H24), biopharma deal and M&A values have outpaced those of last year. Deal values reached $97.59 billion through June this year, marking an 11% increase from 1H23 and setting a new record for the highest amount raised in the first half of any year, according to BioWorld. Additionally, biopharma M&As more than doubled, soaring from $29.59 billion in the first half of 2023 to $67.44 billion in the same period this year.

Biopharma firms raised a total of $22.94 billion in the second quarter (Q2) of 2024. Although a 51% decline from Q1's $47.25 billion, with more than $70 billion raised in the first half of the year, financings in 2024 are already approaching 2023’s full-year total of $70.97 billion.

The U.S. FDA approved 28 new drugs in June, marking the third-highest month in BioWorld’s records, following March 2024’s 30 approvals and June 2020's 29 approvals, and a significant increase from May’s 11 FDA drug approvals. For context, the FDA approved an average of around 16 drugs per month in 2023, 12.5 per month in 2022, and 17 per month in both 2021 and 2020.

In the first half of 2024 (1H24), biopharma deal and M&A values have outpaced those of last year. Deal values reached $97.59 billion through June this year, marking an 11% increase from 1H23 and setting a new record for the highest amount raised in the first half of any year, according to BioWorld. Additionally, biopharma M&As more than doubled, soaring from $29.59 billion in the first half of 2023 to $67.44 billion in the same period this year.