The biotech industry has witnessed significant growth in recent years, primarily driven by sustained demand amid an increasing prevalence of chronic diseases and an aging population. The COVID-19 pandemic has further catalyzed the industry with enormous breakthroughs. Several biotech companies raced to develop new therapies and vaccines to address the global health crisis.
Increased production of personalized medicine, growing federal investments, tech improvements, and increasing drug formulations reflect the biotech industry’s bright prospects. Last year, President Biden signed an Executive Order to launch a National Biotechnology and Biomanufacturing Initiative to advance the U.S. biotech sector.
