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Science 4 July 2003:
Vol. 301. no. 5629, p. 43
DOI: 10.1126/science.301.5629.43c
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Although investors have strayed from technology stocks in the past few years, a new review says good times are ahead for the biotech industry, thanks to strong science.

Beyond Borders: The Global Biotechnology Report 2003, produced by the consulting company Ernst and Young, reports that companies last year had more than 300 products in late-stage clinical testing, a 50% increase over 2001. At the same time, R&D expenditures rose 34% to $22 billion. And revenues for the estimated 4362 public and private companies worldwide went up 15% to $41.3 billion.

Not all is rosy, however. Net losses climbed 116% to about $12 billion. And one-third of the 318 U.S. public companies, and 20% of the 102 European public companies, had less than 1 year of cash on hand.

The report nonetheless predicts that the industry as a whole will be profitable by 2007 or 2010.

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Science. ISSN 0036-8075 (print), 1095-9203 (online)