biotech industry Archives - Medical Design Sourcing

Exploring the forces behind 2024 biotech layoffs: A visual journey

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Biotech layoffs continue to pummel the industry in early 2024 — albeit at a slightly lower clip than in 2023. Smaller firms continue to bear the brunt of funding woes and disappointing clinical data. From January to February, operational reorganizations fueled 45 layoff announcements, followed closely by strategic pivots in 37 events. Other common drivers of job cuts include funding challenges and project restructuring.

The Sankey diagram below highlights the web of factors driving the 2024 biotech layoffs for select companies, from operational changes to clinical failures. Think of it like a map tracking why employers let go of workers, which can span multiple reasons. The width of the lines is proportional to the number of employees affected by each layoff. Note, some of the layoff counts are estimated based on percentages and the most recent available employee counts.

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Amidst empty labs, signs of biotech’s resurgence emerge

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In 2023, a year of accelerated regulatory success, a significant number of biotech labs sat empty in major hubs like San Francisco and Boston. The FDA approved 55 groundbreaking therapies in 2023, including Leqembi for early Alzheimer’s and Zurzuvae for postpartum depression. The approval number marked the second highest count in three decades. Amidst this contradiction, the seeds of biotech’s next boom are taking root.

In 2024, 72 late-stage therapies are poised for FDA approval, hinting at the potential for resurgence within the life sciences. While post-pandemic lab construction meets a wave of approvals, a slowdown in venture funding and job growth casts a temporary shadow. Additionally, the biotech lab space real estate picture is not as simple as it seems, with a marked shift in the scale and nature of drug development driving evolving space needs.

Even amidst this p…

Arizona Senator Sinema champions Phoenix Medical Quarter

Kyrsten Sinema (left) with Sharon Harper (right), CEO and co-founder of Plaza Companies, at a Creighton University/Phoenix Medical Quarter event. Harper’s firm specializes in developing and managing properties for medical and bioscience facilities, among others. Both Sinema and Harper are champions of healthcare and bioscience growth in Arizona.

Arizona has launched the Phoenix Medical Quarter, a 100-acre hub of medical research in midtown Phoenix. Education and patient care are primary objectives for the new hub, which aims to compete with top medical centers worldwide while cementing Arizona’s leadership in biosciences.

Independent Arizona senior Senator Kyrsten Sinema, who has championed the state’s healthcare and biosciences sectors, also announced more than $2 million in Senate appropriations for the Creighton and Barrow Neurological Institute, which are integral parts of the Phoenix Medica…

Take a global tour of 19 major biotech hubs with our interactive map

The biotech sector clocked in at $723 billion last year despite headwinds such as slow launches, long-term drug pricing shifts and changing consumer behavior. Recent biotech breakthroughs include the development of an Ebola vaccine, progress in genetic testing and drug treatments and advances in artificial tissue growth. This article explores several leading biotech centers across the world and examines their distinct attributes and contributions.

1. Boston & Cambridge, Massachusetts

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Innovation Landscape: A powerhouse in the biotech and education sectors, with over 1,000 biotech companies, ranging from small startups to billion-dollar firms. High patent activity reflects a vibrant innovation ecosystem. Academic Pedigree: Home to top-tier universities such as MIT and Harvard, which feed the regional innovation network with a constant flow of scientific talent and research. Investmen…

Seven biologics walking the approval tightrope in 2023

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As we venture into the second half of 2023, the global biologics market continues to hover between robust growth and unpredictability. Valued at $461.74 billion in 2022, it’s projected to grow at a compound annual rate of 10.3% from 2023 to 2030, according to Grand View Research. In 2022, biologics edged past small molecules for the first time, as Nature reported, but sponsors face mounting scrutiny from regulators.

In the spotlight is the FDA’s Accelerated Approval program, which has faced criticism following a string of high-profile cases of post-approval confirmatory trial failures. For example, the Alzheimer’s drug aducanumab won accelerated approval despite conflicting evidence from clinical trials. Oncology is another area where negative confirmatory trials of accelerated approval drugs has been a concern.

Such developments have led the FDA to increase …