Along with many industry sectors, the recession is taking a toll on Canada's research industry, particularly the biotechnology industry. A survey of more than 250 biotechnology companies conducted by BIOTECanada illustrates the state of the industry. For example, last year, research capital raised by biotechnology companies fell 41 percent as compared to the year before.
This credit crunch is not isolated to the biotechnology industry. Statistics show that this pinch is being felt by industries such as automotive, aerospace, communications and other private-sector research industries.
However, amid this negative outlook, there is still a small light at the end of the tunnel. While total research funding is down, the number of companies doing research has doubled (from 10,000 to 20,000) since the 90s.
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