Life Sciences’ Quest for a Future-Friendly Real Estate Strategy
30 Dec 2019
Record-breaking R&D investment in the life sciences industry is spurring real estate innovation too.
Investment in new drug discovery is at an all-time high, creating opportunity and demand for more innovative real estate strategies. Last year, U.S. biopharma firms spent a record-breaking $179 billion on research and development (R&D) to improve their future pipelines, according to JLL’s Life Sciences Outlook 2019 report. And their investment is projected to grow by $34 billion by 2024, suggesting that there’s nowhere to go but up in this industry.
This investment momentum is making waves even outside the sector, with today’s life sciences industry proving a key economic driver in the U.S. After all, biotech and pharmaceutical leaders are revolutionizing the way we treat illness, with upwards of 7,000 medicines in clinical development globally and a record number of drug approvals by the FDA. And venture capital funding to the sector has also surged, growing 40 percent in the U.S. over the past year alone.