Comment by snailshare

There is some history to why it is as grim as it is right now (sunny skies will return, don't worry!). A lot of funding was around ~2019 from the VC people, and biomed PIs were getting their startups funded and hiring from the recent PhD cohorts. The horrible environment in STEM academic hiring needs no introduction, so the talent pool was rich. Early stage drug development and biotech is horrendously risky, so most don't make it past ~5-7 years. Now there are lots of people looking for a job, and the only surviving companies are the extremely hiring averse ones.