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Financial Crisis could reshape biotech

Recent Outbreaks     updated  2009/05/08 04:17

The U.S. biotechnology industry became profitable for the first time in 2008, a new report says. But the global financial crisis has led to a funding drought that could make the road ahead more difficult.

Those are just some of the findings from Ernst & Young's global biotechnology report 2009, its 23rd annual look at the industry.

The report by Ernst & Young says U.S. profit for the industry totaled $800 million. Globally, the still-developing industry lost $1.4 billion.

But the report also says young biotechnology companies also are seeing less money from investors because of the financial crisis.

Stock market declines have cut public investors' appetite for risk — and biotech has always been relatively risky.

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