For young biotechnology startups, 2022 was a challenging year.

Fewer than two dozen private drugmakers went public, marking a sharp retreat from 2021, when more than 100 did. The share prices for many of those biotechs already publicly traded, meanwhile, fell amid a broader market downturn that forced dozens of companies to trim their research plans or cut staff.

Venture capital investors, while still in possession of vast funds to invest, began to change their playbook in response, indicating plans to build their new startups somewhat more conservatively.

The question facing the sector as it enters 2023 is whether the shift of the past 12 months marks a new normal or whether biotech will rebound to its recent heights. Below are nine interviews BioPharma Dive conducted with high-profile investors, biotech founders and executives from late summer through December that collectively hint at how industry leaders see the future.

“We need to design companies that operate in a fiscally prudent manner, so that they’re not perpetually looking for cash right now,” said Jeff Jonas, the former Sage Therapeutics executive and now leader of a biotech incubator, in a recent interview.

“The market’s going to turn. It’s going to change,” he added. “The key is always having clear catalysts, operational excellence, and things that create real value.”

This is an original biopharmadive article.