The biotech industry faced many challenges in 2022, resulting in over 60 company layoff announcements and several closures. Reports further indicated that initial public offerings (IPOs) were dramatically lower, with only 14 biotech IPOs announced in the first half of 2022, compared with 104 biotech IPOs in 2021.1 Another mainstay of biotech financing, Venture capital (VC), was also noted to have a slow year. By midyear, biotech startups raised about $16.5 billion, compared with 2021’s $47 billion for the full year.2 As a result of the unpredictable economy and tight funding resources for IPO and VC, it is likely that life science startups will be looking to trim operations and emphasize financial responsibility.
This report will address eight ways to trim operations and discuss how the right Business Spend Management (BSM) platform can help analyze and prioritize spending in biotech organizations. Discover how such a system and process can help life science companies thrive — not just survive — in a volatile market environment.