Scientific discovery and innovation are no longer relegated to the margins. Indeed scientists are no longer mad megalomaniacs creating Frankenstein’s monster.
Biotechnology is hip, happening, and certainly the cool kid on the block. Biotech was behind the speed and adeptness with which scientists could understand COVID-19. Within a few short months, scientists mapped the virus’s genome and translated novel technology – mRNA – into a groundbreaking vaccine. Millions of lives were saved. Investment grew manifold.
A McKinsey report reveals that biotech companies raised more than $34 billion in 2021, which doubled the 2020 total of $16 billion. Venture capital companies invested in 2200 biotech startups in 2016 (globally). In 2021, this had grown to 3100.
Here are three reasons why biotech is booming.
Technological advancement
Biotechnology has witnessed rapid technological growth. These advancements include gene editing tools like CRISPR-Cas9, next-generation sequencing techniques, and high throughput screening methods. Such groundbreaking discovery has accelerated drug development and enabled researchers to identify potential therapies more efficiently and effectively.
Increased investment and funding opportunities
The biotech sector has attracted significant investment from both private and public sources. Venture capitalists, big pharma and governments have shown strong interest in biotech startups and research initiatives. This increased funding has allowed biotech companies to pursue ambitious projects and take more calculated risks in their research and development endeavors.
VC investors appear focused on emerging technologies that can precisely tailor treatments to individual patients and deliver them to the target site.
Five platforms, in particular, are creating buzz:
- Cell therapy
This can pinpoint and treat diseased tissues or cells and other diseases (for example, solid tumors).
- Next-generation gene therapies
These can edit and modulate DNA and RNA and could cure genetic diseases.
- Precision medicine
Precision medicine has the potential to diagnose conditions earlier than other diagnostic tools. Therapies can thus be tailored to a patient’s specific needs and genetic profile.
- Treatment of resistant illnesses
Strategies are being developed to target previously drug-resistant or complex targets, such as hard-to-hit proteins and hard-to-treat diseases.
- Novel delivery mechanisms
New delivery methods can send novel therapies to an affected tissue, precisely and safely.
Growing demand for innovative healthcare solutions
The rapid rise of non-communicable diseases like hypertension and type 2 diabetes, an aging population, and other emerging health concerns, means that the healthcare industry has to respond meaningfully and efficiently.
Biotech companies are well-positioned to develop cutting-edge therapies, personalized medicine, and other novel treatments for several medical conditions.
Healthcare costs have also increased globally
Healthcare costs have left many bankrupt. This has pressurized the healthcare sector to find more efficient and cost-effective solutions. Innovative healthcare technologies have the potential to streamline processes, reduce operational expenses and improve patient outcomes.
Enhanced data analytics will improve healthcare
The ability to collect, process and analyze vast amounts of healthcare data has significantly improved. Now we can harness this data to identify trends, patterns and potential health risks, leading to better-informed decision-making and targeted interventions.
This is where Similari comes in
With Similari, your data monitoring needs are taken care of to drive data-driven business decision-making. Deep data points are mined and presented in a user-friendly and intuitive dashboard. Reach out today for a free demo, and find out how Similari can help you offload up to 90% of your data monitoring time while delivering valuable insights in real time.