78234 mots 313 pages
Beyond borders
Global biotechnology report 2009

“It is different this time because this crisis is deep-rooted, systemic and persistent. But, in spite of that, the industry has been here before, in that biotech companies have overcome seemingly insurmountable challenges in the past, bucking trends and defying odds.“

Glen T. Giovannetti and Gautam Jaggi, Ernst & Young Global Biotechnology Center

To our clients and friends
As the shockwaves from the global financial crisis rippled across the world economy in late 2008 and 2009, they left little untouched. The reverberations leveled long-standing institutions, triggered unprecedented policy responses and revealed new risks. For the biotechnology industry, the impact of these turbulent times has deepened the divide between the sector’s haves and have-nots. Many small-cap companies are scrambling to raise capital and contain spending, while a select few continue to attract favorable valuations from investors and strategic partners. A number of this year’s articles focus on the acute challenges created by the funding crisis. When we interviewed John Martin of Gilead Sciences seven years ago, in the midst of a different funding crisis, he was confident that his company could make the long journey to sustainability. He was vindicated, of course, and his guest article in this year’s report offers advice to companies facing similar challenges today. Meanwhile, a roundtable of CEOs from four next-generation companies discusses the outlook for their enterprises and for the industry as a whole. Challenging times have always inspired biotech’s creativity. So it’s not surprising that the search for creative models — both to overcome immediate operational challenges in the current environment and to foster the sector’s long-term sustainability — is a core theme in this year’s Beyond borders. James Cornelius of Bristol-Myers Squibb discusses his company’s model for reinventing itself by focusing on R&D and partnering

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