Novel Biotechnology Inc.’s Post

February brought a cold front through the Biotech and BioPharma industries, not in terms of weather but in a wave of workforce reductions that swept across several leading companies. These changes signal a period of significant transition, highlighting the challenges and strategic shifts within the sector. Let's explore the key layoffs and uncover the potential silver linings of this tumultuous phase. Read more at https://lnkd.in/gaDWEYQE #asiamedtechs #medtechs #biospectrumasia #healthcare #layoff #biotech

In February 2024, Denali Therapeutics underwent restructuring and layoffs, while Clade Therapeutics, a cell therapy biotech, also downsized its workforce. These actions contribute to a series of layoffs across the biotech sector, with 10 companies announcing layoffs in February alone. 2023 witnessed a significant 57% increase in layoffs compared to 2022, prompting hopes for a turnaround in this trend for 2024. Click here to read more: https://bit.ly/3Tebemp #biotech #layoffs #venturecapital #privateequity #deerbornedifference

In February 2024, Denali Therapeutics underwent restructuring and layoffs, while Clade Therapeutics, a cell therapy biotech, also downsized its workforce. These actions contribute to a series of layoffs across the biotech sector, with 10 companies announcing layoffs in February alone. 2023 witnessed a significant 57% increase in layoffs compared to 2022, prompting hopes for a turnaround in this trend for 2024. Click here to read more: https://bit.ly/3Tebemp #biotech #layoffs #venturecapital #privateequity #deerbornedifference

Spencer Knight thank you for sharing, I have a few thoughts to add. The current economic landscape in the United States is creating a significant funding crunch that is tightening the availability of investment capital. This situation is particularly ironic and alarming for our biotech and pharmaceutical industries, which are experiencing record layoffs and closures. This trend is unfolding at a time when the US government is actively promoting its agenda to establish the nation as a global leader in the biotech sector. Despite these ambitious goals, the erosion of our biotech industry threatens to undermine the very foundation upon which this vision is built. The impact of these funding gaps and industry contractions is not merely immediate but has far-reaching implications. As competitor countries double down on their investments and advancements in biotechnology, the US is allowing a critical sector to falter while deliberating on the next steps. The consequences of this inaction are severe. If the current rate of industry collapse continues, the US will find itself facing a substantial and potentially insurmountable rift. The new biotech policies, no matter how well-intentioned, risk becoming irrelevant as the industry diminishes into a shadow of its former self. To prevent this dire outcome, it is imperative that the US government intervenes with decisive and immediate action. Investment in biotech is not merely an economic issue; it is a matter of national security and global competitiveness. The US must: 1. Increase Funding and Investment: Allocate substantial federal funding to support biotech research and development, ensuring that innovative projects have the financial backing needed to succeed. 2. Facilitate Public-Private Partnerships: Foster collaboration between government, academia, and private industry to drive advancements and share the burden of high-risk, high-reward biotech ventures. 3. Streamline Regulatory Pathways: Simplify and expedite the regulatory approval processes to reduce the time and cost associated with bringing new biotech products to market. 4. Support Workforce Development: Invest in education and training programs to cultivate a highly skilled workforce capable of sustaining and advancing the biotech industry. 5. Provide Tax Incentives: Implement tax incentives for companies investing in biotech research and development, encouraging private sector investment. The US biotech industry is at a critical juncture. Without prompt and robust government intervention, we risk ceding our leadership position to other nations that are rapidly advancing in this field. By taking these steps, we can ensure that the US remains at the forefront of biotech innovation, driving economic growth and improving public health outcomes for years to come.

𝐋𝐚𝐲𝐨𝐟𝐟𝐬 𝐩𝐞𝐫𝐬𝐢𝐬𝐭 𝐢𝐧 𝐛𝐢𝐨𝐭𝐞𝐜𝐡, It's time to call for change 👇 𝐓𝐡𝐢𝐬 𝐰𝐞𝐞𝐤 𝐡𝐚𝐬 𝐮𝐧𝐟𝐨𝐫𝐭𝐮𝐧𝐚𝐭𝐞𝐥𝐲 𝐬𝐞𝐞𝐧 𝐦𝐨𝐫𝐞 𝐛𝐢𝐨𝐭𝐞𝐜𝐡 𝐥𝐚𝐲𝐨𝐟𝐟𝐬 through eFFECTOR Therapeutics and G1 Therapeutics (CC BioSpace). These developments underscore the industry's ongoing challenges and the necessity for change and strategic adaptation. 𝘙𝘦𝘤𝘦𝘯𝘵 𝘓𝘢𝘺𝘰𝘧𝘧 𝘈𝘯𝘯𝘰𝘶𝘯𝘤𝘦𝘮𝘦𝘯𝘵𝘴 👇 BMS: 2,200 layoffs to save $1.5 billion by 2025. Bayer: 1,500 layoffs to save $2.6 billion by 2026. Pfizer: Undisclosed layoffs to save $5.5 billion by 2027. 𝐓𝐡𝐞 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐞 𝐰𝐞𝐥𝐟𝐚𝐫𝐞 𝐧𝐞𝐞𝐝𝐬 𝐭𝐨 𝐛𝐞 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐞𝐝. Profits over people? ➡️ Last year, these biopharmaceutical giants achieved profits surpassing $30 billion. Nevertheless, their aggressive focus on cost-cutting measures, primarily through reducing their workforce, highlights the ongoing challenge of balancing innovation with fiscal responsibility. 𝐖𝐞 𝐦𝐮𝐬𝐭 𝐫𝐞𝐭𝐡𝐢𝐧𝐤 𝐨𝐮𝐫 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡. While returning shareholder value and the challenges of clinical trials are important considerations, a supportive and informed workforce is fundamental to navigating these complexities successfully. The rapid advancements in CGT are fuelled by the talent and dedication of our workforce. Sorry to those that have been impacted. 𝘏𝘰𝘸 𝘥𝘰 𝘺𝘰𝘶 𝘣𝘦𝘭𝘪𝘦𝘷𝘦 𝘭𝘢𝘺𝘰𝘧𝘧𝘴 𝘪𝘯 𝘣𝘪𝘰𝘵𝘦𝘤𝘩 𝘸𝘪𝘭𝘭 𝘪𝘯𝘧𝘭𝘶𝘦𝘯𝘤𝘦 𝘤𝘩𝘢𝘯𝘨𝘦 𝘢𝘯𝘥 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘰𝘯? #biotech #celltherapy #genetherapy #CGTweekly

This Biopharma Layoff Tracker provides basic information of over 300 downsizing and restructuring cases, the great majority being young biotechs and clinical-stage companies. By far, the two main reasons are costs cutting and shifts in research and development priorities. Then we find cash runway extension, organizational changes, company termination and regulatory setbacks. The biopharma sector is not immune to factors that can put their business at risk and in 2024 workforce cuts are continuing. #biopharma #bigpharma #startup #industrystability #layoffs

In the last couple of weeks, there has been a flurry of news articles surrounding job layoffs at a series of pharma and biotech organizations taking drastic cost cutting measures in response to financial pressures. This was exemplified by Catalent, who in 2023 announced plans to reduce costs, consolidate facilities and optimize its infrastructure in cost-cutting and cost-saving measures across their organisation. Further measures were taken in the last quarter of 2023, as a series of job cuts across its Biologics and Pharma and Consumer Health segments were announced. Other pharma companies that have announced varying levels of job cuts include Arrakis Therapeutics, Moderna and Pfizer. Similarly, Thermo Fisher announced a reduction in 8,000 overall staff across 2023, through employment of less staff rather than due to layoffs.

Despite recently closing the best quarter since 2022, biotech is still hurting. Fierce Biotech's layoff tracker counts 70 companies so far this year. I fear this is a low estimate because some companies, such as Fujifilm Diosynth Biotechnologies, haven't been counted. How will this trend affect the industry and economy as the future unfolds? #biotechlayoffs #biotecheconomy #biopharmaindustry https://lnkd.in/gtYxUmJj

💡 Stay up to date on the recent biotech and pharma layoffs and learn about which areas are being affected and more insights based on company type.

You can rarely control what happens to you in life; only how you respond. So... Now what? This latest news is a major blow to the #biomanufacturing industry in #Maryland. These are the jobs that we need to create equitable and sustainable pathways to great work in biotech. 550 biotech layoffs in Maryland so far 2024 is a lot of jobs for the rest of the industry to be able to absorb during this tough economic cycle. Now what? When one door closes, another door opens. Read the article to learn the history of one of these Emergent BioSolutions sites that closed... it's a great facility that was first built to help spur Maryland's biotech economy... Is this an opportunity to for this facility to have that purpose again? How can we turn this setback into an opportunity? With large scale cGMP facilities available and hundreds of qualified workers - what can we do to attract #bigpharma or a growing biotech to Baltimore / Rockville to take advantage of these assets? #Maryland #biotech is #OpenForBusiness https://lnkd.in/eTKnUAa7