Editor's Picks: Why biotech startups are enjoying a revival

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  This episode of Editor's Picks is supported by IDA Ireland.

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  With the highest share of STEM graduates per capita in the EU,

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  IDA Ireland can help source the skills you need to internationalise and thrive.

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  Visit idaireland.com to learn more.

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  Hello, I'm Alok Jha.

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  I present Babbage, our weekly podcast on science and tech.

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  This is Editor's Picks,

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  where we'll play you one of our favorite articles from the current issue of The Economist.

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  I hope you enjoy it.

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  Between 2021 and 2023,

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  two parts of the drug making business were in contrasting states of health.

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  An index of American big pharma rose by a third,

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  outperforming the broader stock market thanks to robust sales of blockbuster drugs.

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  One made up of smaller biotechnology companies sank by roughly as much,

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  weighed down by rising interest rates and dissipating pandemic-era euphoria for all things medical.

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  Unlisted biotech start-ups have, like most young firms, struggled to attract capital.

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  Last year, they drew just $17 billion in investments,

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  down from $37 billion two years earlier.

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  Fewer went public, and more went bust.

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  This year, the giants are still going strong.

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