Biotech Companies Experience Growth
The biotechnology industry is cominginto its own, according to BeyondBorders, Ernst & Young's 19th AnnualGlobal Biotechnology report. Withgovernmental support and private capital,biotech companies worldwide aretranslating cutting-edge science intolife-improving therapies. The industry'ssuccess in 2004 included:
- The approval of 20 new biotechmedicines in the United States.
- Biotech companies now marketapproximately 230 drugs, including13 therapeutic antibodies. Inaddition, 55 new drug applicationsawait approval in the UnitedStates alone.
"Biotech innovation is a key valuedriver for the pharmaceutical industry,as more than half of its late-stagepipeline now consists of therapeuticsgenerated using biotechnology advances,"said Mike Hildreth, Americasdirector, biotechnology, Ernst &Young.