As shown by the industry-tracking SPDR S&P Biotech ETF's (NYSEMKT: XBI) decline of 22% over the last three years, biotech stocks haven't performed well as a group in recent history. But this doesn't mean biotechs have been struggling to get their programs out of the clinic and onto the market any more than usual.

There's a different phenomenon at play here. And if macroeconomic forecasts are to be believed, conditions could soon improve and lift the shares of a subset of biotech businesses out of the doldrums, at least by a little. Here's what's likely to happen over the next couple of quarters, and why it supports an investment in biotech right now.

Raising capital is a key concern for most businesses, but it's a particularly acute issue for biotechs approaching the commercialization of their first few products, and especially for those expecting to have substantial manufacturing expenses. Remember these two categories, as they're the groups that could soon pick up a new tailwind.

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Source Fool.com