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Despite pandemic-related university cutbacks and rising inflation in many countries, the PhD pipeline still churns. In 2020, more than 55,000 people received a PhD in the United States, which produces more doctorates than any other country. Roughly 1.1% of the population in the 38 countries in the Organization for Economic Co-operation and Development (typically democracies that support free-market economies) obtained a PhD in 2021. And the percentage of doctorates awarded in science, technology, maths and engineering (STEM) has steadily increased over the past decade. In 2020, 12,561 life-science doctorates were awarded in the United States — 23% of all PhDs granted in the country that year, and nearly double the number awarded in 1990.