Despite ups and down, the US biotechnology sector has gained momentumover the last year, according to Kenneth Lee, co-chairman of the Ernst & Young International Life Sciences Practice. Speaking at a recent briefing in London, Mr Lee said that findings from research, to be published early-1998 in a report entitled US Biotech 98 - New Directions, will confirm that biotechnology continues to grow rapidly, and it is showing new directions.
Biotechnology company sales, the report will reveal, grew 20% in the year ended June 1997, to a value of $13 billion. For the same period, net losses fell 9% to $4.1 billion, and the number of people employed in the sector rose 19% to 140,000.
Highest-Ever Market Capitalization Another finding of the report is that as at September 30, the total market capitalization of the US biotechnology industry was $118 billion, its highest point ever. Strategic alliance activity maintained a healthy pace.
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