Biotech Companies Experience Growth

JULY 01, 2005

The biotechnology industry is coming into its own, according to Beyond Borders, Ernst & Young's 19th Annual Global Biotechnology report. With governmental support and private capital, biotech companies worldwide are translating cutting-edge science into life-improving therapies. The industry's success in 2004 included:

  • The approval of 20 new biotech medicines in the United States.
  • Biotech companies now market approximately 230 drugs, including 13 therapeutic antibodies. In addition, 55 new drug applications await approval in the United States alone.

"Biotech innovation is a key value driver for the pharmaceutical industry, as more than half of its late-stage pipeline now consists of therapeutics generated using biotechnology advances," said Mike Hildreth, Americas director, biotechnology, Ernst &Young.