The biotech industry enjoyed new opportunities during the COVID-19 pandemic, which encouraged advancements in drug and vaccine developments. Evidently, the bioscience industry's economic impact on the U.S. economy amounted to $2.9 trillion in 2021.
In the post-pandemic world, the need for medical breakthroughs and favorable government spending is expected to keep the sector buoyed. In September, the White House announced its plans to invest more than $2 billion in the U.S. biotechnology sector.
