BIOTECH, FINALLY

Biotechnology has finally come of age. There are 230 medicines and related products created from biotech techniques. Last year alone, the Food & Drug Administration approved 20 biotech drugs, among them treatments for insomnia, multiple sclerosis, severe pain, chronic kidney disease, incontinenc...

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Bibliographic Details
Published in:Bloomberg businessweek (Online) 2005-06 (3937), p.30
Main Author: Catherine Arnst, with Arlene Weintraub in New York, John Carey in Washington, Kerry Capell in L
Format: Magazinearticle
Language:English
Subjects:
Biotechnology
Clinical trials
FDA approval
Growth industries
Pharmaceutical industry
R&D
Research & development
Online Access:Get full text
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Summary:Biotechnology has finally come of age. There are 230 medicines and related products created from biotech techniques. Last year alone, the Food & Drug Administration approved 20 biotech drugs, among them treatments for insomnia, multiple sclerosis, severe pain, chronic kidney disease, incontinence, mouth sores, and cancer. The Tufts Center for the Study of Drug Development estimates that at least 50 of 250 biotech drugs currently in late-stage clinical trials should win FDA approval, a success rate almost three times better than the pharma industry standard. Ernst & Young International estimates that nine new biotech drugs approved in 2004 will bring in total revenues of $3 billion this year. By 2007, sales of just those products should grow to $8 billion. Efforts by the pharmaceutical industry to mimic biotech -- or merge with it -- should quicken the pace of medical innovation. Three treatment and research areas that are poised to benefit - cancer, diagnostics and stem cells - are profiled.
ISSN:0007-7135
2162-657X