2023 forecast: Biotech plummeted from 'the highest of highs' in 2022. Will the sun shine again next year?

Biotech headed into 2022 with abundance. Too many biotechs, too many candidates in development and, apparently, too many employees. Something had to give.

That certainly won't be the case for 2023. After a brutal year in the markets that saw companies slashing programs, culling staff and reorganizing, the industry is much leaner and preparing to find its voice again.

Experts are split on whether the pace of layoffs will slow down in 2023. Twenty-three companies reported layoffs in November, the highest of any other month, according to a Fierce Biotech analysis.