Cure® Unveils US Biotech Industry Benchmark Report 2024: Dark Days of 2023 are Over

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Jun 03, 2024, 09:39 ET

79% respondents predict growth in 2024 and beyond
Nearly half anticipate increasing R&D spend
Neurology and metabolic diseases ranked top therapeutic areas of interest
Interest in drug discovery overtakes digital health
Most view women's health as a priority, but agree funding is insufficient

NEW YORK, June 3, 2024 /PRNewswire/ -- Cure.^®, a healthcare innovation campus in New York City, today unveiled results from Ready, Set, Growth! Biotech Benchmark Report 2024 at the 2024 BIO International Convention in San Diego, CA. Cure conducted this highly anticipated assessment of the biotech industry in partnership with the Deerfield Institute, a division of Deerfield Management Company. The stakeholders surveyed included company founders and CEOs, managing directors, investors, scientists, and more.

"The data and insights captured in Ready, Set, Growth! Biotech Benchmark Report 2024 exemplifies Cure's mission to provide need-to-know and actionable information for innovators and entrepreneurs advancing healthcare. We found an overwhelming sense of hope and optimism across the sector, and a consensus for more investment in women's health, which should be a key lever to drive growth the growth that 79 percent of respondents predict. Surprisingly, the Inflation Reduction Act was not largely seen as a key influencer, even with the near equal ranking of policy and technologies as disrupters," said Cure CEO Seema Kumar.

Key Findings
The Dark Days of 2023 are Over

79 percent of respondents predict the industry will grow in the next year
69 percent are very or extremely optimistic about the biotech industry overall, citing the abundance of new entrepreneurs and innovations coming to market
Nearly half (48 percent) predict their R&D spending to increase in the next one to two years

Top Market Areas of Interest in Biotech.

80 percent report their top interest today is drug discovery (small molecules and biologics)
Other top interests include clinical trials (63 percent), MedTech devices and diagnostics (55%) and drug delivery (57 percent).
Areas of lower interest included digital health (37 percent) and vaccines (43 percent)

Women's Health.
The state of women's health research and treatment is capturing increased attention in science and society.

60 percent of respondents said women's health is a very or extremely important factor when determining their interest level in particular therapeutic areas.
However, the majority (65 percent) said women's health funding is insufficient, citing that it has been a neglected focus
77 percent agreed that if more women were engaged in science, there would be greater focus on women's healthcare initiatives.

Continued Obstacles and Turbulence Predicted.

Respondents agreed the two biggest hurdles today are securing enough funding to last through a potentially lengthy drug or product development cycle (92%) and finding investors (83 percent).
41 percent said that they predict the biotech industry will be disrupted by technology (e.g., artificial intelligence), while 40 percent said that they predict it will be disrupted by policy (e.g., pricing constraints).
19 percent said that they don't foresee disruptions from either sector.

Kumar continued: "The strong optimism documented in Ready, Set, Growth! Biotech Benchmark Report 2024 is encouraging and will fuel activities for Cure's ecosystem, including upcoming special initiatives and programming that will power fresh conversations, trigger innovation and spur new investments."

Also, during BIO, Cure will host Fireside Chats daily at 3:45 PM PDT. Please stop by Booth 4741 to meet the team and learn more.

The full survey is available for download from Cure's digital content platform, wewillcure.com – a go-to destination for innovators in academia, government, industry and not-for-profits to accelerate success and enhance knowledge with Cure's educational masterclasses, bootcamps, industry events and weekly Tuesday Talks.

About Cure.
Cure is a healthcare innovation campus in the heart of New York City that features laboratory and business facilities, a collaboration residency, office space and premium event venues, including an education center, conference center, and iconic rooftop facility, as well as tools, mentoring, networking, and other assistance to members of its ecosystem. Cure houses on-campus startups and established companies. Residents regularly create synergies and collaborative partnerships with peer organizations across the spectrum of healthcare, from academic or private to non-profit or government, and focus on diagnostic, device, drug or vaccine discovery, development and production as well as care delivery and public health. Cure also offers industry-leading event programming focused on critical health topics. Cure's mission is to foster and accelerate advances in health. For more information, please visit wewillcure.com.

SOURCE Cure