I'm an outsider, but to quote credible external sources, Science AAAS writer Derek Lowe documented that the biotech startup scene was large and relatively easier to get investments in from 1991 to 1994, with stagnation in 2012 [0].

McKinsey separately reported that there has since been another boom in the biotech sector in the 2020s [1].

[0] https://www.science.org/content/blog-post/biotech-class-earl...

[1] https://www.mckinsey.com/industries/life-sciences/our-insigh...