Welcome to the 2022 edition of the United States Life Sciences Industry Report. After two years of fighting Covid-19, the United States has offered a glimpse of what the industry may look like in a post-pandemic world. Compared with the investment frenzy that led to a peak in capital inflow into the industry in early 2021, the financial climate has cooled considerably. The ensuing period of dramatic correction has forced companies to work harder to prove their worthiness of investors’ dollars. Within this context, it is increasingly small and mid-sized companies claiming ownership to the development pipeline and commercialization of new drugs. Tireless advances have been made across a variety of fields, such as gene editing and cell-based therapies, as well as in the introduction of novel drug delivery platforms and diagnostics tools. These efforts culminated in 50 new drug approvals in 2021, in line with the past five years of consistently strong output. Of course, the magnitude of success does not rest squarely on the shoulders of only pharmaceutical and biopharmaceutical companies – contract service providers are crucial to the health of the life sciences ecosystem. Responding to the heightened complexity of the field, the explosion of streamlined companies with modern in-house manufacturing capabilities, and an industry-wide rallying cry for increased domestic production, CROs and CDMOs are stepping up to create a more robust environment. The following pages bring together insights from interviews conducted with over 80 industry leaders whose experiences collectively span all areas of the sector. We would like to warmly thank these executives and researchers whose thoughtful contributions were invaluable to the report as well as our association partners at BioNJ and Biocom California. We hope that you enjoy reading our 2022 edition of the United States Life Sciences Industry Report.