The biotech industry stands at a pivotal moment, navigating funding challenges with resilience and adaptability. After a period of remarkable growth and investment, the landscape shifted abruptly in 2022, and 2023 continued to present its own set of challenges. While this funding adjustment has prompted biotech firms to rethink their strategies and prioritise efficiency, it also showcases their ability to adapt in the face of adversity.

Using exclusive data from ICON’s 2023 survey with Citeline, this whitepaper presents valuable insights from 133 influential decision-makers within biotech and venture capital organisations from across North America, Europe, and Asia Pacific.

The results from this survey open the door to a deeper understanding of the multifaceted challenges encountered by the biotech sector, innovative strategies embraced by biotech companies in navigating the evolving financial landscape, and the fluctuating venture capital prospects within this dynamic industry. This whitepaper explores the confidence that decision makers have in the future of the biotech industry and their perspectives on:

• Factors impacting future operations
• R&D spending
• Key funding sources
• Meeting investment milestones
• Product success
• Prominent modalities in biotech
• Challenges in drug development
• Large pharma partnerships

The data from this comprehensive survey highlight the operational challenges faced by biotechs and the solutions used to mitigate these issues. Despite these hurdles, the industry remains determined to persevere. Biotech companies are actively exploring partnerships, collaborations with CROs, major pharmaceutical firms, and alternative funding avenues, to navigate the current situation.