The ongoing Covid-19 pandemic has made biotech companies the hot new technology sector as investor demand drives record IPOs, a panel of top investors told CNBC on Wednesday.

Biotech has been the focus of much attention during the recent pandemic. “We generated all the vital drugs, vaccines, therapeutics, that literally saved our world,” Christiana bardon, an MPM Capital portfolio manager, said to CNBC’s Meg Tirrell, at the “Delivering Alpha” conference.

Pfizer and Moderna’s highly successful Covid vaccines, for example, were developed in the U.S. in record time and use Messenger RNA, or mRNA, technology, which had never been cleared for use in humans before. According to the Centers for Disease Control and Prevention, more than 370,000,000 doses of these vaccines were administered in the United States.

Bardon stated, “I think we were thought to be a bit less interesting than our technology bros.” Since the dawn of modern biotech’s era, the human genome sequencing revolution, our work has been in the same vein for the treatment of cancer as all other major unmet medical needs.

She said that the increased interest in novel technologies during the pandemic led to record fundings and IPOs.

The iShares Biotechnology ETF, which tracks the biotech industry’s biggest players, has surged roughly 62% over the last two years, beating the performance of the S&P 500, which has jumped by about 47% over the same time period.

Alex Denner (founder and chief investment officer at Sarissa Capital Management) said that investors have been pouring large amounts of capital into this sector to see what happens after the pandemic ends.

His words: “I can see that there are a lot people who are excited about the potential to accelerate drug development much more quickly than was possible a few decades ago.”

According to him, it has been “absurdly difficult” for companies to find laboratory space or clinical development-experienced researchers.

He said, “I believe you’re going to see this overheating.” However, there will be consolidation and buying so there’ll still be plenty of opportunities for falls within.

Bardon indicated that areas such as cancer research would be a benefit.

She said, “We can not only understand what mutations are driving cancers in people but also develop drugs for these mutations.” Clinical trials are more efficient when we identify only patients who have no mutations and allow them to go through the process.