The live music, free drinks and dancing at a big Boston biotech conference in June belied a stark reality: the city’s biotech sector is in trouble.
While some industries are still languishing since the Federal Reserve began raising interest rates in 2022, few have been hit as hard as the biotech sector by Trump administration policies.
Concerns about routine medicine approvals from the US Food and Drug Administration have frightened investors. The White House’s calls for lower drug prices have chilled deal activity so far this year. President Donald Trump’s attacks on Harvard University have included freezing federal research grants, posing a long-term threat to biotech.
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