The U.S. biotechnology industry made significant gains in 1996. Industry revenues, health-related product approvals, market capitalization, and employee levels surged to new highs. A previously flat equity market produced a 132 percent single year gain in capital for the industry. Alliances and merger activity often with larger pharmaceutical companies, strengthened the industry. Legislative proposals and regulatory changes signaled government support for the industry while highlighting ethical concerns over its potential applications. The United States continues to be the dominant global leader in this strategic industry, with at least six timcs thc strength of its closest rival, the European Union. Industry concerns for the 21 st century include intellectual propcrty rights, regulatory and legislative limitations, financing for research and development, infrastructure shortfalls, and public relations--the need to address the ethics of human biotech applications.
ICAF Industry Studies 1997