From BioHealth Investor
What does Northern California know about the state of biotechnology? That region alone is home to 1/3 of the U.S.’s biotech companies, and has 30 years of involvement in the industry.
In the report BayBio cites numerous challenges exist that threaten the prosperity of the biotech industry despite tremendous advances and achievements.
Some key facts and statistics of the report are:
• 393 marketed products, 400 products in Phase II and Phase III clinical trials
• 90,000 employees, accounting for more than $6 billion in payroll in 2006
• Estimated new jobs created in the past 12 months: 6,000
• 900 biotech companies in Northern California
• Collective market capitalization: $150 billion
• Average time for FDA approval of a new drug: 14 years
• Average cost for development of a new drug: $800 million
14 years and $800 million for one new drug! And many wonder why healthcare costs continue to skyrocket.
BayBio has suggested some regulatory steps that must be undertaken to ensure biotechnology’s advancement, these include:
• Streamlined regulatory review processes that don’t unnecessarily delay approval of, and access to, new treatments
• The need to protect scientific advances through clear and consistent intellectual property regulations
• Tax policies that support and adequately reflect biotech companies’ research and development efforts, as well as the capital formation that supports these efforts
• Funding for basic research as the foundation for future innovations and discoveries
• Capital funding for the industry and the importance of fostering financing innovation, especially given the long and arduous process for translating basic scientific research into a marketable product
The report is divided into various sections each covering different areas of medicine and disease conditions, including:
-Public Policy: Trends, Challenges and Solutions
-Cardiovascular and Circulatory
-Central Nervous System
-Respiratory and Pulmonary System
-Autoimmune and Inflammation
-Blood and Lymphatic System
-Urinary Tract System
-Devices and Diagnostics
Each section also focuses on specific companies along with their drugs and pipeline.
The report can be accessed fully at http://www.baybio.org/wt/page/BayBioIMPACT_2007.