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Even Rose-Colored Glasses Don't Help This Picture

Oct 30, 2008

If you're prone to pessimism, you might want to skip to the next post. The Wall Street Journal's reporting that "the financial crunch is shaking the foundation of the global biotech industry, threatening to slow the development of new medicines and cut high-tech jobs in the U.S. and Europe." According to the article, industry watchers expect small biotechs to lay off staff, stop clinical trials, or declare bankruptcy as they attempt to weather the storm. This would also weaken the pharma industry that has come to rely on compounds developed by biotechs. The article adds:

In the U.S., 38% of 370 small biotech companies are operating with less than a year's worth of cash, and nearly 100 publicly traded biotech companies have less than six months' cash, according to the Biotechnology Industry Organization in Washington.

 

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