The BioWorld Cancer Index (BCI) experienced a steep decline in 2024, closing the year down 17.32%. After peaking in late February with an 11.16% gain, the index steadily trended downward, with only brief recoveries that failed to push it back into positive territory. This marked a sharp contrast to 2023, when the BCI soared 76.26% by year-end. In comparison, 2022 saw the index drop by 41.98%, while 2021 closed with a decline of 36.34%.

Biopharma companies secured $5.91 billion across 93 transactions in January 2025, a continuing upward swing from $4.69 billion in December and $3.6 billion in November 2024.

Med-tech companies secured $2.76 billion across financings 56 transactions in January 2025, up from $1.72 billion in December and $919.99 million in November.

Med-tech companies raised a total of $25.37 billion in financings in 2024, up from $17.68 billion in 2023, though still significantly lower than previous years. The highest year for med-tech financings on record remains 2020, when $59.7 billion was raised.

Biopharma companies secured $5.91 billion across 93 transactions in January 2025, a continuing upward swing from $4.69 billion in December and $3.6 billion in November 2024.

Biopharma deal value continued its upward trend in 2024, reaching $230.53 billion, a 6% increase from $217.69 billion in 2023, setting a new record in BioWorld’s data. Deal volume also grew, with 1,429 agreements across licensing, joint ventures and collaborations, up 3.5% from 1,380 in 2023, though still below the peak activity seen from 2019 to 2022.

Biopharma nonprofit deals remained low in 2024, compared to the pandemic and pre-pandemic years, while grants saw a slight decline from the previous year.

Biopharma financings saw their third highest year, with companies collectively raising $102.15 billion in 2024, behind only 2020 and 2021. The amount marked a 44% jump from $70.97 billion in financings in 2023 and a 68% increase from $60.81 billion in 2022. The fourth quarter (Q4) contributed $15.45 billion, the lowest quarter of the year, following $16.38 billion in Q3, $23.07 billion in Q2, and a strong $47.25 billion in Q1.

In December 2024 BioWorld recorded 212 clinical trial updates, an increase from 180 in November and closely aligning with 219 in October. The month saw 16 successful phase III outcomes, along with two mixed results and two trial failures. Eli Lilly and Co. reported that its FDA-approved weight-loss drug Zepbound (tirzepatide) outperformed Novo Nordisk A/S’s Wegovy (semaglutide) in the phase IIIb Surmount-5 trial.

The U.S. FDA approved 19 drugs in December, an increase from 10 in November. In total, 228 FDA approvals were granted in 2024, averaging 19 per month. Seven new molecular entities were approved in December, bringing the year's total to 49.