Monday, December 1, 2008

BREAKING NEWS: "US IS IN A RECESSION" - oh ya, and Biotech funding down. Go figure.

I received a newsflash from CNN that the US is in a recession. Isnt that like telling your friend he has a pimple on his face after he's already popped it?

Regardless, a friend of mine keeps forwarding me the doom and gloom of the biotech industry, including an article detailing the fiscal troubles on the horizons.

Read the article here from the Boston Globe called "Biotech Firms cutting back as capital grows scarce"

I thought about the article's content then replied to my friend with the following:

The financing may be down in some areas, true. However, companies with a good drug program in place won't die, as pharma companies are still (at least for now) cash rich and investing in smaller biotechs or buying them. Companies with shit drugs, ideas or products will die, and allow better new drugs and products to flow. The university is a strong place where drugs get discovered.

Let's hope academic research funding doesn't get slashed too much as tax revenue dwindles, and nation deficits and debt rise, that would put a huge black hole into innovative drug and diagnostic discovery. A perfect example of this is: "Stem Cell spin-offs merge with $18MM in new VC Cash", in an article I saw at www.fiercebioresearcher.com.

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