Biotech booming across the globe, E&Y report states
Biotech booming across the globe, Ernst & Young report states.
This year marks the biotechnology industry’s 30th anniversary, and the industry is finally starting to act its age. Biotech is “a global powerhouse with over $60 billion in revenues and hundreds of marketed products,” according to Donn Szaro of Ernst & Young, who spoke at the recent Massachusetts Biotechnology Council annual meeting.
The industry is closer to reaching profitability than at any other time in its history. And the market valuations of its biggest players, including Amgen and Genentech, are approaching those of Big Pharma.