Biotech stocks are in high demand right now, with good reason. Indeed, these biotech companies have the potential to revolutionize the medical world and offer solutions to unmet needs, while their relevance is recession-proof.

With growing demand for gene therapies, immune oncology, and precision medicine, biotech companies have a unique opportunity to impact the world of healthcare. Undoubtedly, these stocks offer a valuable option for investors seeking in innovative solutions to benefit a global population. Accordingly, for whether it’s battling aging or developing treatments for serious health issues, biotech companies remain one of the most popular categories for growth investors.

The future of the global biotech industry looks very bright. Research firm Grand View estimates this sector could surge to a value of $2.44 trillion over the next eight years. Notably, various factors are driving this growth. These include government policies highly conducive to growth in the sector, effective investments, and exciting new technological innovations such as synthetic biology. Furthermore, businesses have been able to capitalize on strong demand for their products.

With that said, here are three of the best biotech companies to watch right now.

Vertex Pharmaceuticals (VRTX)

Vertex Pharmaceuticals (NASDAQ:VRTX) has made incredible progress in its strategic focus on rational drug design. Offering some of the most revolutionary medicines, the Boston-based firm is making waves with its impressive healthcare solutions for chronic pain, muscular dystrophy, and sickle cell disease. Therefore, it’s not surprising to see Vertex listed among the top-performing biotech stock picks for 2023. Investors believe this company is only beginning to fulfill its promise.

With a focus on scientific innovation and cutting-edge treatments for some of the world’s greatest medical challenges, Vertex Pharmaceuticals offers a much-needed ray of hope for millions around the globe. Additionally, investors will surely want to pay close attention to Vertex due to the company’s impressive financial performance in the most recent quarter. Not only did the company’s results exceed expectations, but Vertex also raised its projected sales growth figures for 2022.

With over 30% growth in earnings and revenues over the past five years, we can conclude that Vertex has outperformed most of its peers, and is likely well-positioned relative to other industry players. Thus, I think this stock looks enticing for long-term investors to look to capitalize on the stock’s strong momentum.

Genmab (GMAB)

Genmab (NASDAQ:GMAB) has come a long way since it was established 24 years ago. Indeed, Genmab is now one of the leading biotechnology companies in the world.

How has Genmab surged to its current position in the market?

Well, the Copenhagen-based company has put its antibody technology front-and-center. Genmab already has six market products approved for treatment of multiple kinds of cancer, autoimmune diseases, and relapsing-remitting multiple sclerosis. The impact this has had on people’s lives is remarkable, providing investors with an altruistic angle when considering this stock. Accordingly, with Genmab’s breakthrough therapies offering hope to millions who would otherwise struggle with their medical conditions, it’s a stock that’s both inspiring as well as lucrative for those thinking long-term.

Genmab has certainly made a powerful entrance onto the public markets with its two products, Darzalex and Arzerra. Darzalex treats difficult forms of blood cancer, while Arzerra tackles leukemia and multiple sclerosis. With Novartis (NYSE:NVS) as its marketing partner, Arzerra’s access to a global market is certain to give it great reach. Genmab’s pipeline is also impressive, as the company develops treatments for breast and ovarian cancers, while also studying teprotumumab with Horizon Therapeutics (NASDAQ:HZNP).

This innovative company will be one to watch in the coming months. Indeed, I think this stock has a bright future from here.

United Therapeutics (UTHR)

United Therapeutics (NASDAQ:UTHR) is an incredible company that many people have not yet had the chance to learn about. United Therapeutics’ work in lung disease and organ manufacturing technology is revolutionary. And this company’s mission is just as altruistic, with a focus on developing key treatments to extend patients’ lives. Not only does the company pursue ground-breaking treatments, but its commitment to helping the people who need it most makes them a great choice for nosy investors looking for more than just financial gains.

Investors should be delighted with the company’s recent performance. Over the past year, UTHR delivered a blistering return of nearly 33%. That’s even more impressive when you consider that most of this upswing occurred in the last six months, with the stock market in doldrums. The main drivers for UTHR stock’s record-breaking surge have been based on its robust fundamental performance. Most recently, United posted third-quarter results that blew away analysts’ expectations. It appears UTHR stock has a promising future, regardless of market ebbs and flows, making it an attractive buy for investors eager for healthy returns.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.