Life Sciences Funding in View & 2024 Outlook

U.S. NIH Funding

The National Institutes of Health (NIH) continues to increase its annual funding budget. Funding totaled $38 billion in 2023, (+3.3% YOY), with over $3 billion allocated to the for-profit sector. The proposed budget for fiscal year 2024 is $51 billion, the bulk of which will fund research. Another 3.3% increase in total annual funding should result in an additional $3 billion committed by privately held companies to fund research in 2023.

Non-Profit

For Profit

$40

$3.3

$35

$3.0

$3.3

$2.8

$30

$2.3

$1.8

$25

$1.8

$1.4

$2.1 $1.7 $0.9 $1.5

$1.8 $1.9

$1.3

$1.9 $1.9 $1.9

$1.5 $0.9

$20

$Billions

$34 $35

$32 $32

$15

$29

$26

$23 $24

$22 $22 $23 $22

$21

$21

$21

$21 $21 $22

$21 $21

$10

$5

$0

Source: National Institutes of Health

14 / CUSHMAN & WAKEFIELD

LIFE SCIENCES SEPTEMBER 2023