BIO

Tough Love for Biotech Industry

The biotech industry does not need or want a “bailout.” President Obama and Speaker Pelosi have been clear about their intention to provide immediate, short-term assistance to America’s “innovation economy.” We responded by pointing out that biotech is one of the few industries where the US is the undisputed leader in innovation and one remedy for struggling biotech firms is to give them the option of trading in existing net operating losses and foregoing the opportunity to cash them in later. For patients suffering from chronic, debilitating diseases like AIDS, MS, and Parkinson’s, biotechnology represents the next best chance for viable cures and treatments. More, biotech provides answers for other major global challenges by providing technologies to develop renewable fuels and increase crop yield per acre. Ensuring that the biotech industry is viable will decide the future for many patients, provide hope for our global future and sustain US leadership in the high-growth business of life sciences.