Funding levels, drug launches, and R&D success rates all grew in 2023, according to a new report from the IQVIA Institute for Human Data Science. Global funding of biopharmaceutical research and development increased to $72 billion, up from $61 billion in 2022. M&A activity jumped to $140 billion from $78 billion during the same period. We spoke to Murray Aitken, executive director of the IQVIA Institute for Human Data Science, about its Global Trends in R&D 2024 report, what he’s watching, and why the new patent cliff for the industry will be less threatening than the last one.