Biotech's Getting Back on Track
G. Steven Burrill's 18th Annual Report on the biotech industry's released
San Francisco. Biotech staged a spectacular comeback in 2003, rekindling enthusiasm on Wall Street and turning in the industry's second best year. 2003 was a year of getting "back on track" for biotech; its market capitalization rose by 53%.
A much improved FDA approved some 25 new biotech treatments in 2003 along with twelve new indications for previously approved products. In addition, the biotech industry managed to score some important victories with The Medicare Prescription Drug and Modernization Act of 2003 including prohibition of the controversial "functionally equivalent" mechanism for novel drug reimbursement mitigating the cuts that were made to the use of biotech products in outpatient settings earlier in 2003. Entering 2004 with more revenues, products, and potential upside than ever before, biotech is destined to continue its ascent according to Burrill & Company's eighteenth annual report on the life sciences industry, Biotech 2004 -- Life Sciences: Back on Track. "After two plus years working against a strong headwind, it's nice to be building an industry again with the wind at our back," noted G. Steven Burrill, author of the report and CEO of Burrill & Company, a San Francisco-based life sciences merchant bank.
In Biotech 2004 you will find:
-- 2003 Industry Financials, including 12 months of company financial data and market caps for the US, Europe, Canada and Asia
-- An analysis of key activities taking place in various industry sectors including: healthcare, diagnostics, nutraceuticals, agbio, and industrial biotech
-- Industry highlights including: new product approvals, advances in technology, scientific breakthroughs, regulatory challenges, business models, strategic partnering/M&A activity, as well as a thorough
analysis of the finance and capital markets -- 450 pages of analysis, data, and graphs
"An indispensable guide to understanding our world of biotech. Burrill's insight over the many years has been deep, prophetic, and accurate," says Carl B. Feldbaum, President of the Biotechnology Industry Organization.
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