In 2022, more than 60 biotech companies announced layoffs, initial public offerings (IPOs) were dramatically lower than in 2021 and venture capital (VC) had also slowed — with startups raising about $16.5 billion, compared to 2021’s $47 billion for the full year. For 2023, biotech startups need to trim operations and extend their runway if they want to compete in this volatile market. 

In this Playbook, learn the top eight ways biotech companies can start reducing costs and how the right Business Spend Management (BSM) platform can help analyze and prioritize spending. Get actionable insights on ways to reduce costs, such as:

• Improving spend visibility
• Implementing spend controls
• Negotiating tail spend
• Driving digital adoption with suppliers
• Mitigating supplier risk.

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