1、Mid-Year 2023 UpdateBiopharma|Healthtech|Dx/Tools|DeviceHEALTHCARE INVESTMENTS AND EXITS|MID-YEAR 2023 UPDATE2We are pleased to bring you the Healthcare Investments and Exits Mid-Year 2023 Update,a comprehensive analysis of the trends,opportunities and challenges in todays healthcare innovation mark

2、et.We began 2023 with a cautious outlook,and theres no disputing that the first half of the year has been difficult for stakeholders across the innovation economy.However,a lot has changed since the start of the year.Public markets show early signs of improvement,inflation is decelerating,interest r

3、ates may be near their apex and the general pullback in investment has stabilized.Still,the current investment environment presents ongoing challenges,marked by fewer deals,slower investment pace and pressured valuations.The time has likely come for companies previously avoiding down rounds through

4、insider extensions to seriously consider valuation resets.Companies also face more investor scrutiny and are working against heightened demand for clinical milestones(page 9)and paths to profitability.Despite these challenges,there are reasons for optimism.We see signs of growth at the early stage w

5、here investment has been buoyed by strong interest from investors(page 11).There are promising bright spots in investment,such as womens health expanding into platform,menopause and mental healthcare(page 18),genomic diagnostics solutions(page 12),and devices with robust digital platforms that incre

6、ase the efficiency of provider care teams(page 13).The new investment environment has reset valuations to match sustainable growth and profitability targets in 2023.This adjustment,while painful for many,will lead to a more sustainable future.Venture fundraising has rebounded since its dip in H222,a