Modern biotechnology is a young industry. But in just over four decades, the scientists, researchers and entrepreneurs working in this field have firmly established themselves at the forefront of medical innovation. The innovations and research coming from these enterprises have led to the successful development of new cures and therapies that are transforming the way we treat patients for a wide range of diseases, including:
It is an important and exciting time for medical innovation. Science and innovation are galloping forward and we are on the cusp of the next generation of medical breakthroughs, including gene therapy, immunotherapy and RNAi therapy. These innovations are poised to transform medicine in the 21st century.
Success in getting these new innovations across the finish line rests greatly on one key factor: the ability to attract the enormous amounts of private capital required to fund these challenging and incredibly risky endeavors. This ability, in turn, depends on a public policy environment that supports innovation and incentivizes such investment, including continued advancement of scientific understanding; strong intellectual property (IP) rights and a reliable system for IP transfer, licensing, and collaboration; an efficient and predictable regulatory review process; and efficient healthcare markets that reward innovation and encourage free market competition.
Setbacks across any one or more of these areas could cause the entire innovation ecosystem to falter, but the challenge can be particularly acute when it comes to capital formation. Private investment can flow to and shift among many different sectors, and investors have shown that they will flee areas like biotechnology when they think policy decisions could adversely impact an already risky investment.
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