Top 10 Medical Biotechnology Companies | Innovations and Breakthroughs

Trishita Deb
Trishita Deb

Updated · Apr 11, 2024

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Medical Biotechnology Market Overview

Medical biotechnology merges biology and technology, leveraging living cells to create products for diagnosing, treating, and preventing illness.

Innovations like genetic engineering have led to breakthroughs such as cancer-fighting monoclonal antibodies, diabetes-managing insulin, and protective vaccines.

Advances in gene therapy and tissue regeneration are tackling genetic conditions and repairing damaged organs, marking strides toward tailored medical treatments.

Despite ethical and regulatory hurdles, the field’s commitment to innovation continues to transform healthcare, promising enhanced patient care and groundbreaking therapies.

Market Drivers

The global medical biotechnology market is surging, driven by advancements in technologies like CRISPR-Cas9 and next-generation sequencing, which enable personalized treatments and accurate diagnostics.

Factors such as an aging population, the prevalence of chronic diseases, and significant investments in research are propelling innovation. Regulatory bodies are also facilitating quicker approvals for new therapies.

Additionally, the demand for breakthrough treatments, especially in light of global health emergencies, and the expansion of healthcare in emerging markets are further boosting market growth.

These dynamics underscore the vital role of medical biotechnology in evolving healthcare and tackling significant health challenges globally.

Market Size

In 2022, the global biotechnology market stood at USD 1023.8 billion. Projected to grow at an annual rate of 14% from 2023 to 2032, it’s anticipated to hit USD 3672.9 billion by 2032.

List of Major Companies

These are the top ten companies operating in the Medical Biotechnology Market:

F-Hoffmann-La-Roche

Company Overview

Establishment Year1896
HeadquarterBasel, Switzerland
Key ManagementThomas Schinecker (CEO)
Revenue (US$ Bn)$ 65.4 Billion (2022)
Headcount~ 103,605 (2022)
Websitehttp://www.roche.com/

About Roche Holding AG

Roche Holding AG, a leader in medical biotechnology, has furthered its commitment to healthcare innovation with recent strategic actions.

The acquisition of LumiraDx’s Point of Care technology for up to USD 350 million enhances Roche’s diagnostic capabilities by offering a platform that consolidates multiple diagnostic tests, making healthcare more affordable and accessible globally.

Additionally, Roche’s development led to the FDA’s approval of Xolair for treating IgE-mediated food allergies, a pioneering treatment aimed at reducing severe allergic reactions.

These moves not only solidify Roche’s position in the biotech market but also demonstrate its dedication to improving patient care and addressing healthcare needs worldwide.

Geographical Presence

Roche Holding AG, based in Basel, Switzerland, maintains a strong global presence. In Europe, Roche collaborates with healthcare systems in Switzerland, Germany, France, the UK, Italy, and Spain.

In North America, particularly the US and Canada, Roche’s subsidiaries drive significant advancements in research. Roche strategically expands in the Asia-Pacific region, partnering with stakeholders in Japan, China, South Korea, Australia, and Singapore.

Similarly, in Latin America, including Brazil, Mexico, Argentina, and Colombia, Roche works with healthcare communities to enhance patient care.

Additionally, in the Middle East and Africa, Roche invests in infrastructure and initiatives to increase access to innovative therapies. This global presence reflects Roche’s dedication to advancing healthcare worldwide through innovation and collaboration.

Recent Developments

  • In March 2024, the FDA approved Roche’s cobas® Malaria test for use on the cobas® 6800/8800 Systems, aiding healthcare providers in reducing infection risks during blood transfusions.
  • In March 2024, Roche and Alnylam reported that the Phase II KARDIA-2 study of zilebesiran, an experimental RNAi therapy for hypertension, achieved its main goal.

Johnson-n-Johnson

Company Overview

Establishment Year1886
HeadquarterNew Brunswick, New Jersey, US
Key ManagementJoaquin Duato (Chairman & CEO)
Revenue (US$ Bn)$ 85.1 B (2023)
Headcount~ 134,400 (2023)
Websitehttps://www.jnj.com/

About Johnson & Johnson

Johnson & Johnson is aggressively expanding its presence in the medical biotechnology field through strategic acquisitions, notably purchasing Ambrx Biopharma for around $2.0 billion to advance its oncology portfolio with next-gen antibody-drug conjugates (ADCs).

This acquisition targets a variety of cancers, signaling a leap towards more effective, precise cancer treatments.

Additionally, the company’s acquisition of Shockwave Medical aims to revolutionize cardiovascular care with innovative intravascular lithotripsy (IVL) technology, addressing complex calcified arterial disease.

These moves not only underline Johnson & Johnson’s dedication to pioneering healthcare solutions but also highlight its strategy to meet diverse medical needs, enhancing patient care in oncology and cardiovascular disease globally.

Geographical Presence

Johnson & Johnson boasts a formidable global presence. In North America, the company leverages its headquarters in New Brunswick, New Jersey, to serve the healthcare needs of the United States and Canada.

Across Europe, it maintains a significant foothold in key markets like the United Kingdom, Germany, France, and Switzerland while actively engaging emerging markets in the Asia-Pacific region, such as China, India, Japan, and Australia.

Johnson & Johnson extends its reach into Latin America, including Brazil, Mexico, Argentina, and Chile, and also contributes to healthcare initiatives in the Middle East & Africa, particularly in countries like South Africa, Nigeria, Saudi Arabia, and the United Arab Emirates.

This extensive global network underscores the company’s commitment to providing innovative healthcare solutions worldwide.

Recent Developments

  • In January 2024, Johnson & Johnson finalized an agreement to purchase Ambrx Biopharma, a clinical-stage biopharmaceutical firm specializing in advanced antibody-drug conjugates (ADCs) through its unique synthetic biology technology platform.
  • In January 2024, Johnson & Johnson entered a definitive agreement to acquire all shares of Shockwave Medical, Inc. This move expands Johnson & Johnson MedTech’s presence in cardiovascular intervention and speeds up its expansion into high-growth markets.

Pfizer

Company Overview

Establishment Year1849
HeadquarterNew York City, U.S.
Key ManagementAlbert Bourla (CEO)
Revenue (US$ Bn)$ 58.5 Billion (2023)
Headcount~ 88,000 (2023)
Websitehttp://pfizer.com/

About Pfizer

Pfizer Inc. is advancing medical biotechnology through major developments and partnerships aimed at addressing healthcare gaps. In collaboration with BioNTech, it achieved the U.S.

FDA approval for its latest COVID-19 vaccine for the 2023-2024 season, targeting the Omicron XBB.1.5 variant, a significant step in COVID-19 prevention.

The company’s commitment to oncology was showcased during its Oncology Innovation Day, where it presented a strong portfolio with upcoming Phase 3 trial outcomes.

Furthermore, Pfizer has partnered with Flagship Pioneering, investing $100 million to fast-track the creation of innovative medicines through the development of 10 single-asset programs, emphasizing Pfizer’s approach to harnessing scientific ecosystems for translating early-stage innovations into potential therapies.

These initiatives underscore Pfizer’s leadership in healthcare innovation, particularly in vaccine development and oncology, reinforcing its role in advancing patient care and biotechnological progress.

Geographical Presence

Pfizer Inc., a global pharmaceutical leader, maintains a robust geographical presence spanning North America, Europe, Asia-Pacific, Latin America, and other emerging markets.

Headquartered in New York City, Pfizer operates manufacturing facilities, research labs, and distribution centers across the United States and Canada.

In Europe, the company has established operations in key countries like the United Kingdom, Germany, and France. The Asia-Pacific region, including Japan, China, and India, represents another significant market for Pfizer’s innovative solutions.

Latin America, with a focus on Brazil, Mexico, and Argentina, also hosts Pfizer’s operations, reinforcing its commitment to global health. Through strategic expansion and partnerships, Pfizer continues to deliver quality healthcare solutions worldwide.

Recent Development

  • In February 2024, Pfizer Inc. outlined its strategic priorities for its newly formed Oncology organization, emphasizing its extensive pipeline and industry-leading expertise in oncology.
  • In July 2023, Flagship Pioneering, Inc. and Pfizer Inc. joined forces to establish a fresh pipeline of groundbreaking medicines. According to the innovative agreement, both companies will initially invest $50 million each to investigate the potential development of 10 single-asset programs.

Novartis

Company Overview

Establishment Year1996
HeadquarterBasel, Switzerland
Key ManagementVasant Narasimhan (CEO)
Revenue (US$ Bn)$ 45.4 Billion (2023)
Headcount~ 76,057 (2023)
Websitehttps://novartis.com/

About Novartis

Novartis AG is reinforcing its position in medical biotechnology through a dual strategy of significant internal investment and strategic acquisitions.

The company is channeling $300 million into enhancing early technical development for biotherapeutics across its European sites, aiming to fast-track the development of its diverse biotherapeutic portfolio from pre-clinical phases to human trials.

Additionally, Novartis expanded its therapeutic reach by acquiring Calypso Biotech BV for $250 million, gaining access to CALY-002, an innovative treatment for autoimmune diseases with potential applications in dermatology, gastroenterology, and rheumatology.

This move, along with its hefty investment, underscores Novartis’s commitment to pioneering next-generation treatments that meet wide-ranging medical needs​​​​.

Geographical Presence

Novartis AG, based in Switzerland, boasts a strong global presence, operating across Europe, North America, and key emerging markets.

In Europe, including Switzerland, Germany, and the UK, Novartis is involved in crucial research, manufacturing, and commercial activities.

Similarly, in North America, notably the US and Canada, the company focuses on drug development and commercialization.

Novartis also reaches into emerging markets like Brazil, China, India, and South Africa, establishing subsidiaries and manufacturing facilities to address diverse healthcare needs. This extensive reach highlights Novartis’s dedication to advancing healthcare solutions worldwide.

Recent Development

  • In April 2024, Novartis adjusted ribociclib manufacturing to comply with updated regulatory standards for eBC.
  • In March 2024, Novartis provided new data supporting the clinical benefits of Zolgensma®, the only single-dose gene therapy for spinal muscular atrophy (SMA).

Merck

Company Overview

Establishment Year1891
HeadquarterRahway, New Jersey, U.S.
Key ManagementRobert M. Davis (CEO)
Revenue (US$ Bn)$ 60.1 B (2023)
Headcount~ 72,000  (2023)
Websitehttp://msd.com/

About Merck

Merck & Co., Inc. is strategically expanding in medical biotechnology by acquiring Prometheus Biosciences, Inc. and Harpoon Therapeutics.

The Prometheus acquisition aims to transform immunology treatments, particularly for inflammatory bowel disease, establishing a new treatment paradigm.

Meanwhile, acquiring Harpoon Therapeutics, known for its cancer immunotherapy candidate HPN328 targeting DLL3 in small cell lung cancer and neuroendocrine tumors, underscores Merck’s commitment to oncology.

Valued at approximately $680 million, this acquisition diversifies Merck’s oncology pipeline. Together, these acquisitions demonstrate Merck’s dedication to advancing care in immunology and oncology, marking it as a leader in addressing critical unmet medical needs through innovative research and development​​​​​​.

Geographical Presence

Merck & Co., Inc., headquartered in Kenilworth, New Jersey, has established a robust geographical presence across North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East.

With operations spanning key markets worldwide, including the United States, Canada, Europe, China, Japan, India, and beyond, Merck strategically positions itself to reach patients and healthcare providers globally.

The company’s extensive network encompasses research facilities, manufacturing plants, and corporate offices, reflecting its commitment to innovation and improving health outcomes on a global scale.

Recent Developments

  • In January 2024, Merck (MRK) entered a definitive agreement to purchase Harpoon Therapeutics (HARP) for around $680 million, marking a significant acquisition for the pharmaceutical giant.
  • In April 2023, Merck agreed to purchase Prometheus Biosciences for $200.00 per share in cash, amounting to roughly $10.8 billion in equity value.

Amgen

Company Overview

Establishment Year1980
HeadquarterThousand Oaks, California, U.S.
Key ManagementRobert A. Bradway (Chairman and CEO)
Revenue (US$ Bn)$ 28.1 Billion (2023)
Headcount~ 26,700 (2023)
Websitehttps://amgen.com/

About Amgen

Amgen Inc. is actively enhancing its medical biotechnology offerings, with a notable focus on innovative treatments for serious illnesses.

The company has recently updated on LUMAKRAS® (sotorasib), aimed at treating KRAS G12C-mutated non-small cell lung cancer, highlighting its commitment to addressing critical areas of unmet medical need.

This showcases Amgen’s dedication to pioneering biotechnology and furthering advancements in human therapeutics​​.

Geographical Presence

Amgen Inc., headquartered in Thousand Oaks, California, boasts a global footprint across North America, Europe, and the Asia-Pacific region.

In North America, the company operates research labs, manufacturing plants, and offices. At the same time, its European subsidiaries and facilities in the UK, Germany, France, Italy, and the Netherlands serve as hubs for research and commercialization.

Amgen also has a growing presence in the Asia-Pacific, with operations in Japan, Australia, China, and Singapore, enabling it to meet the demand for innovative biopharmaceuticals in the region.

This expansive geographical presence reflects Amgen’s commitment to delivering transformative therapies worldwide, leveraging local expertise to navigate diverse regulatory landscapes and market dynamics.

Recent Developments

  • In February 2024, Amgen inaugurated its latest manufacturing facility in Central Ohio, marking a significant addition to its global operations. This state-of-the-art site represents the company’s most advanced facility to date.
  • In December 2023, Amgen disclosed that the FDA has finished evaluating the company’s supplemental New Drug Application for full approval of LUMAKRAS®.

AbbVie

Company Overview

Establishment Year2012
HeadquarterNorth Chicago, Illinois, U.S.
Key ManagementRichard A. Gonzalez (Chairman & CEO)
Revenue (US$ Bn)$ 54.3 Billion (2023)
Headcount~ 50,000 (2023)
Websitehttp://abbvie.com/

About AbbVie

AbbVie Inc. is advancing in medical biotechnology with strategic steps in oncology and neuroscience. By acquiring ImmunoGen, AbbVie adds the FDA-approved ovarian cancer treatment ELAHERE® to its portfolio, leveraging antibody-drug conjugate technology to improve cancer care​​.

The company’s collaboration with Umoja Biopharma aims to innovate in CAR-T cell therapies using Umoja’s VivoVec™ platform, indicating a push towards transformative cancer treatments​​.

Further, AbbVie’s intended acquisition of Cerevel Therapeutics seeks to enhance its neuroscience pipeline with promising treatments like emraclidine and tavapadon for schizophrenia and Parkinson’s disease, showcasing AbbVie’s commitment to neurological advancements​​.

These actions underscore AbbVie’s dedication to providing innovative healthcare solutions, signaling its ongoing effort to meet tomorrow’s medical challenges.

Geographical Presence

AbbVie Inc. maintains a global presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East/Africa. Headquartered in North Chicago, Illinois, the company operates manufacturing facilities, research centers, and sales offices across the United States and Canada.

In Europe, AbbVie maintains key hubs in the United Kingdom, Germany, France, Italy, Spain, and Switzerland.

Likewise, it has established significant operations in Asia-Pacific, with a presence in Japan, China, South Korea, Australia, and India.

Latin American markets, including Brazil, Mexico, Argentina, and Colombia, also feature prominently in AbbVie’s footprint, as does its engagement in the Middle East and Africa.

This expansive reach underscores AbbVie’s dedication to advancing healthcare globally and addressing diverse medical needs.

Recent Developments

  • In February 2024, AbbVie finalized its acquisition of ImmunoGen, officially integrating ImmunoGen into its operations.
  • In January 2024, AbbVie and Umoja Biopharma struck exclusive deals to develop diverse CAR-T cell therapy candidates for cancer using Umoja’s VivoVecTM platform.

Sanofi

Company Overview

Establishment Year1973
HeadquarterParis, France
Key ManagementPaul Hudson (CEO)
Revenue (US$ Bn)$ 50.2 Billion (2022)
Headcount~ 87,994 (2022)
Websitehttp://sanofi.com/

About Sanofi

Sanofi is advancing in the medical biotechnology field by enhancing its portfolio and fostering growth, notably through the strategic acquisition of Inhibrx, Inc.

This move incorporates INBRX-101, a potential treatment for Alpha-1 Antitrypsin Deficiency (AATD), into Sanofi’s lineup, promising less frequent dosing for patients and aiming to significantly improve quality of life by normalizing AAT levels and mitigating lung inflammation​​.

Additionally, Sanofi’s R&D transformation underscores its ambition to become a leader in immunology, with plans to introduce a record number of potential blockbuster therapies.

The company is currently progressing 12 new molecular entities with significant sales potential, reflecting its commitment to addressing urgent patient needs across a variety of therapeutic domains​​.

These steps illustrate Sanofi’s strategic focus on rare diseases, immunology, and inflammation, aiming to deliver innovative therapies that enhance patient outcomes and stimulate long-term corporate growth.

Geographical Presence

Sanofi, headquartered in France, maintains a formidable global presence across more than 170 countries, with key markets in Europe, including France, Germany, the United Kingdom, and Spain.

In North America, the company focuses on the United States and Canada while also targeting significant markets in Asia-Pacific, such as Japan, China, India, and Australia.

Additionally, Sanofi has extended its reach into Latin America, Africa, and the Middle East. This extensive geographical footprint underscores Sanofi’s dedication to providing innovative healthcare solutions worldwide tailored to meet the specific needs of diverse markets and populations.

Recent Development

  • In January 2024, the FDA authorized Dupixent® for treating eosinophilic esophagitis (EoE) in pediatric patients aged 1 to 11 years, weighing a minimum of 15 kg.
  • In January 2024, Sanofi finalized an agreement to purchase Inhibrx, a clinical-stage biopharmaceutical firm, following the transfer of non-INBRX-101 assets to New Inhibrx.

Gilead-Sciences

Company Overview

Establishment Year1987
HeadquarterFoster City, California, United States
Key ManagementDaniel O’Day (Chairman and CEO)
Revenue (US$ Bn)$ 27.1 Billion (2023)
Headcount~ 18,000 (2023)
Websitehttp://gilead.com/

About Gilead Sciences

Gilead Sciences, Inc. is a renowned biopharmaceutical company established in 1987. Gilead Sciences is enhancing its liver disease treatment portfolio through the acquisition of CymaBay Therapeutics, incorporating seladelpar, a promising drug for primary biliary cholangitis (PBC).

This move, valued at $4.3 billion, aligns with Gilead’s commitment to liver health and is anticipated to address a significant unmet need for PBC patients. Seladelpar has shown promising results in Phase 3 trials and has received FDA priority review, with an approval decision expected in Q3 2024​​.

Geographical Presence

Gilead Sciences, Inc., headquartered in Foster City, California, operates worldwide. In North America, the company operates offices, research facilities, and manufacturing sites, while in Europe, it maintains subsidiaries and offices in key countries.

Across the Asia-Pacific region, Gilead engages in research and commercialization efforts, partnering with local entities for broader access to its therapies.

In Latin America, Gilead collaborates with regional stakeholders to address healthcare challenges, and in the Middle East and Africa, the company focuses on improving access to treatments for infectious diseases.

This strategic geographical expansion underscores Gilead’s commitment to advancing innovative therapies worldwide.

Recent Development

  • In March 2024, Gilead and Xilio Therapeutics entered an exclusive agreement to develop and market Xilio’s Phase 1 tumor-activated IL-12 program, known as XTX301.
  • In February 2024, Gilead announced its acquisition of CymaBay Therapeutics through a definitive agreement. This acquisition includes CymaBay’s leading investigational product, seladelpar, which is designed to treat primary biliary cholangitis (PBC) and associated pruritus. The addition of seladelpar enhances Gilead’s liver portfolio and reinforces its dedication to delivering groundbreaking therapies to patients.

Bristol-Myers-Squibb

Company Overview

Establishment Year1887
HeadquarterNew York, U.S.
Key ManagementChris Boerner (CEO)
Revenue (US$ Bn)$ 45.01 Billion (2023)
Headcount~ 34,100 (2023)
Websitehttp://bms.com/

About Bristol-Myers Squibb

Bristol-Myers Squibb is advancing its presence in medical biotechnology, notably enhancing its oncology and neuroscience portfolios through significant acquisitions.

The company’s $4.1 billion purchase of RayzeBio introduces innovative radiopharmaceutical technologies like RYZ101 for solid tumors, marking a strategic move towards novel treatments, and is poised to impact earnings from 2024.

Additionally, the $14.0 billion acquisition of Karuna Therapeutics brings KarXT, a pioneering schizophrenia treatment, into its neuroscience fold, highlighting its commitment to meeting the critical needs in mental health​​​​.

These actions emphasize Bristol-Myers Squibb’s strategic investment in developing and expanding therapeutic options in key medical areas.

Geographical Presence

Bristol-Myers Squibb (BMS), a prominent biopharmaceutical firm based in New York City, has a significant global reach, spanning North America, Europe, and the Asia-Pacific.

The US, it operates research, manufacturing, and commercial facilities across key states. In Europe, BMS manages regional headquarters in countries such as the UK, Germany, and France, overseeing various operations.

In the Asia-Pacific, it has growing facilities in Japan, China, Australia, and South Korea. BMS is committed to delivering innovative healthcare solutions worldwide

Recent Developments

  • In April 2024, the FDA approved Abecma, a collaboration between Bristol Myers Squibb and 2seventy Bio, for treating Refractory Multiple Myeloma after two prior treatments.
  • In December 2023, Bristol Myers Squibb and RayzeBio entered a definitive merger agreement, with Bristol Myers Squibb set to acquire RayzeBio.
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Trishita Deb

Trishita Deb

Trishita has more than 7 years of experience in market research and consulting industry. She has worked in various domains including healthcare, consumer goods, and materials. Her expertise lies majorly in healthcare and has worked on more than 400 healthcare reports throughout her career.