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Monday, November 23, 2009
European researchers are on the cusp of overtaking their American counterparts in biotechnology innovation, especially when it comes to the development of cutting-edge medicines known as “biologics.” These medicines are grown in living cells and consist of molecules thousands of times bigger than those in conventional drugs.
In 2004, European biotech firms had access to only 20% of the private equity financing that U.S. firms had. Today the European Union has just about as many dedicated biotechnology firms as the U.S., according to OECD figures.
Yet just as the European biotech industry’s substantial investments in research and development—about a third of revenues in recent years—is beginning to pay off, U.S. policy makers are considering legislation that would hamstring biotech research in their own country. This would provide a welcome boost to Europe’s biopharmaceutical sector but hurt the U.S. industry and overall scientific progress.Read Full Article
posted in: News, Washington DC
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