The COVID-19 pandemic has boosted the worldwide biotech market by increasing focus on drug discovery and development. The growing prevalence of chronic disease and an aging population worldwide are increasing the importance of the biotech industry.
Personalized medicine's expanding influence and the rise in orphan drug formulations are creating new opportunities for biotechnology applications and attracting new, innovative biotechnology firms. The White House intends to invest more than $2 billion in the biotechnology sector in the United States, with President Biden unveiling a National Biotechnology and Biomanufacturing Initiative (NBBI).
