James Greenwood, President and Chief Executive of BIO (Biotechnology Industry Organization) spoke to the Boston Globe this month about the impact of the economy on the biotechnology industry. Mr. Greenwood points out that as most BIO companies do not have products for sale yet their revenue comes from investment and as this has decreased, it is a very difficult time for them. Mr. Greenwood predicts, however, that most biotech companies will survive the recession. He also comments on Mr. Obama's healthcare reform plan stating that "There are opportunities there. Universal access is a good thing. We support it. We want our products available to anyone. As long as innovation is part of the agenda and not just cost-cutting, we think it can be win-win."
For more information, please see: http://www.boston.com/business/healthcare/articles/2009/05/10/ biotech_group_confident_despite_economy/