The BioWorld Biopharmaceutical Index climbed 16.31% by the end of July, continuing its lead over both the Nasdaq Biotechnology Index, which rose 10.82%, and the Dow Jones Industrial Average, up 8.37%. This follows an 8.15% gain in the BBI at the close of May, marking a strong performance throughout 2024.

The U.S. FDA approved 17 drugs in July, down from 28 in June, which marked the third-highest month in BioWorld’s records. On average, the FDA approved approximately nearly 19 drugs per month so far in 2024, compared to 16 per month in 2023, 12.5 per month in 2022, and 17 per month in both 2021 and 2020.

The U.S. FDA approved 17 drugs in July, down from 28 in June, which marked the third-highest month in BioWorld’s records. On average, the FDA approved approximately nearly 19 drugs per month so far in 2024, compared to 16 per month in 2023, 12.5 per month in 2022, and 17 per month in both 2021 and 2020.

In July, biopharma deal values surged to $20.68 billion, a 61% increase from June's $12.82 billion. The boost pushed the total deal value for the first seven months of 2024 to $119.99 billion, marking the highest amount raised through July in BioWorld‘s records.

The BioWorld Cancer Index (BCI) finished July down 3.94% for the year, maintaining its downward trend after reaching a high of 11.07% at the end of February and closing in March with a 3.92% gain. In comparison, the BCI underperformed the Nasdaq Biotechnology Index, which climbed 10.82%, and the Dow Jones Industrial Average, which posted an 8.37% increase over the first seven months of the year.

In July, biopharma deal values surged to $20.68 billion, a 61% increase from June's $12.82 billion. The boost pushed the total deal value for the first seven months of 2024 to $119.99 billion, marking the highest amount raised through July in BioWorld‘s records.

In July, med-tech deal values surged to $200.88 million, up 116% from June's $93.07 million and ranking as the second-highest monthly total for 2024, behind only February’s $255.61 million.

The med-tech industry has seen a significant boost in fundraising, amassing $16.13 billion in the first seven months of this year, a nearly 38% increase from the $11.73 billion raised during the same period last year.

Stocks tumbled on Aug. 5, with the Dow Jones Industrial Average falling more than 1,000 points amid a disappointing jobs report released by the U.S. Labor Department on Aug. 2. The BioWorld Stock Index, which tracks approximately 510 U.S. biopharma stocks, was up 17.27% for the year on July 26 before closing Aug. 5 up only 3.47%, representing a significant drop. Likewise, the Nasdaq Biotechnology Index fell as much as 200 points that day. Despite the downturn, the biopharma industry remains well-positioned to outshine other sectors during challenging economic times.