Despite rising borrowing costs, slowing aggregate demand, and looming recession fears, the U.S. GDP rose 2.9% annually in the fourth quarter of 2022, beating consensus estimates. This has instilled significant optimism among investors.
Moreover, the biotech industry is expected to thrive despite the uncertain macro backdrop, thanks to the inelastic demand for healthcare products and services. In addition, the Biden Administration’s National Biotechnology and Biomanufacturing Initiative is expected to bolster domestic biotech manufacturing, research, and development.
