2025 LIFE SCIENCES CFO OUTLOOK SURVEY

How Strong Competition for Fundraising will Impact the Life Sciences Industry

What forces will power, or slow, innovation in 2025?

In 2025, the life sciences industry will be marked by strong competition for funding and advancements in several therapeutic areas, a key finding of the 2025 Life Sciences CFO Outlook Survey. This survey of 100 life sciences CFOs uncovers the issues they’re facing in 2025, including fundraising and cash management, R&D, and supply chain and manufacturing challenges.

While the industry is hoping 2025 will be a better environment for venture capital investment, competition for funding will likely remain fierce. Companies with late-stage products will be in a prime position to attract investment. 

In looking at plans for R&D investment, GLP-1s, antibody drug conjugates (ADCs), and cell and gene therapies dominate. But uncertainty remains, particularly around the Biosecure Act and potential tariffs on China. These policies could make it difficult to source materials for drug development. 

Explore what lies ahead for life sciences in the 2025 Life Sciences CFO Outlook Survey.

Preview highlights from the full report below.

Report Highlights

Securing Cash for Innovation

While lower interest rates may increase cash available for venture capital investments, life sciences CFOs still anticipate strong fundraising competition. If life sciences companies can’t attract funding, it could slow their timeline to going public. 

Life sciences CFOs say strong competition for funding will be their #1 fundraising obstacle in 2025.

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52% of life sciences CFOs say they are increasing investments in cell therapy and modified cell therapy.

2025’s R&D Drivers

While drug areas like GLP-1s and ADCs are gaining momentum, life sciences CFOs remain focused on cell and gene therapies. The complexity of this biotechnology means life sciences companies will need to monitor any changes to their manufacturing process and how that could impact regulatory compliance.   

How a change in the cell and gene therapy manufacturing process could impact comparability

Explore the latest guidance from the FDA on how to establish comparability of a cell and gene therapy product following a manufacturing change. 

Supply Chain and Manufacturing Outlook 

Life sciences supply chains have bounced back from the worst shortages of the COVID-19 era, but with the looming threat of tariffs and the Biosecure Act, they could see further disruptions in 2025. By building supply chain resilience now, life sciences companies will be able to better handle future disruptions. 

51% of life sciences CFOs say they are assessing contracts for compliance in response to Biosecure Act.

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With advancements in areas like ADCs and GLP-1s, there is no shortage of innovation in the life sciences industry. The question for 2025 is: Will investors and strategic buyers feel the pressure to get deals and financing rounds completed? More deal activity could infuse cash into the industry, raise valuations, and support new drug development. Looking ahead, there are some potential wild cards to development, such as evolving legislation and the new presidential administration.
Brad Stewart
Market Managing Principal; National Life Sciences Industry Leader