Singapore, April 23, 2008: The convergence of genomics, information technology, and nanotechnologies will radically alter every aspect of the healthcare system from the way companies develop and market drugs to the way individuals pay for and receive medical services, according to ‘Biotech 2008 — Life Sciences: A 20/20 Vision for 2020’ - the 22 annual report on the biotechnology industry from Burrill & Company

 

Mr G. Steven Burrill, CEO of Burrill & Company, said, “Three years ago, we highlighted the fact that systems biology was beginning to move us to a more personalized medicine world that inevitably would lead us down the path to predictability and then on to prevention.”

 

He further said, “The industry has been slow to adapt to the reality that the personalized medicine world is upon us. When we reach the year 2020, we will look back and note that 2007 was the year that personalized medicine started to play a role in every aspect of the healthcare continuum. It’s critical that the industry starts to adjust to these changes now in order to be successful in this new world.”

 

The biotech industry finished 2007 in good shape with a strong performance on the capital markets, which remained unpredictable all year long. The year saw 28 new biotech IPOs; financings and partnering deals collectively raising almost $45 billion for US companies. Although the industry had no difficulty raising money it had a tough time bringing new medicines to market with the prevailing safety-conscious attitude at the FDA taking its toll on new drug approvals, according to Biotech 2008.

 

The report notes that the demand for bio-ethanol, bio-diesel, and other alternative energy sources is driving technological innovation in the sector, especially in the production of cellulosic ethanol. Biotech crop acreage grew 12 percent and 12 million farmers around the world are benefiting from biotechnology. Internationally, biotechnology showed steady growth with China and India leading the way.