The two main areas for venture capitalist (VC) investment – technology and healthcare – have grown during the COVID-19 pandemic and investors have ample dry powder to direct money at biotech and pharma firms in 2021, research firm PitchBook said on Monday.

There is mixed news heading into 2021 on the COVID-19 pandemic front, with rising infection levels and a handful of vaccines showing promise.

Added to this, a new administration in the United States and its policy proposals, taxes, immigration, trade policy, and other issues that directly affect both VC investors and companies will all be on the table next year, PitchBook said in its 2021 U.S. venture capital outlook report.

VC investment in the biopharma space is likely to surpass $20 billion in 2021, driven by the need to fund trials and build out research and development programs, as clinical trials resume and elective procedures restart.

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