Overall, biotechnology will continue to fuel a major transformation in healthcare—one that emphasizes earlier disease detection,
more targeted treatments, and adjunctive support through enhanced nutrition. Further progress will be made on the personalized,
predictive, preventative medicine front, with new products targeting the individualization of medicine in the marketplace.
Despite the traditional obstacles that the industry constantly faces—the political and regulatory environment, the whims of
an often fickle capital market, and world events beyond its control—the biotechnology industry has survived and prospered
as a unique entity, distinct from allied industries but open to joint ventures with them.
The demise of the biotechnology industry has been predicted many times during its down cycles—but now, at well beyond the
halfway point of 2007, the industry remains strong. The demise of the biotechnology industry was predicted in 2003, yet the
biotech industry demonstrated not only its durability but also its ingenuity. Having survived the ravages of the bear market,
the industry got back on track. Although technical and regulatory challenges abound and risks remain, biotech is no longer
an industry of dreams—biotech products and revenue streams are real. But the most exciting news of all is that we've only
just embarked on what is destined to be a very rewarding journey.
Challenges for growth and prosperity remain. Moreover, new challenges have arisen with the entry into the era of personalized
medicine. The biotechnology journey has been an amazing one so far, and the coming decade will be even more exciting.
G. Steven Burrill is chief executive officer at Burrill & Company, San Francisco, CA, 415.591.5400, firstname.lastname@example.org