Data from Pitchbook 391 , an online platform for investment data, reveals a steady increase in invested capital over the last decade (Figure ). The exceptions appear to be 2017, 2019, and 2022 which show a curious dip in the amount of invested capital 16A), the exact reason for which remains unspecified. Similar dips, especially around 2016 and 2019, are also observed in our substance data (with a far less noticeable dip in publications) from the CAS Content Collection. In terms of geographical distribution, the US continues to lead in terms of capital invested in 2022-2023, followed closely by Europe and Asia (Figure ). Among the leading countries or regions, the United Kingdom (GBR) and India (IND) are the only two that show an increase in capital investments in 2022-2023 as compared to the previous years, 2020-2021 (Figure ). Despite this, USA leads in terms of the sheer volume of capital invested being ~5X that of China (CHN) in 2022-2023 (Figure ). Growth in capital invested over the last decade for a few of the leading countries or regions indicates a curious periodic trend showcased most notably by the USA, Germany (DEU), and China and to a smaller extent by India and Korea (KOR). This trend appears to be characterized by spikes in capital invested between 2013-2016 and 2017-2021 (Figure ) led by Germany, a country with a strong pharmaceutical research and development initiative/presence/sector. Overall, investments in 2022-2023 in the field of antibiotics appear to be lower for most countries or regions except for Italy (ITA) (Figure ) and could be a sign of waning interest. In terms of industry type, unsurprisingly the healthcare sector accounts for most of the capital invested over the last decade (Figure ). This is followed by the business-to-business and business-to-consumer sectors. The materials and resources sector also shows a decent volume of investment, perhaps indicative of increasing commercial interest (Figure ). Finally, the information technology sector accounts for a very small portion of capital invested (Figure ).