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Aussie Biotechs Said To Suffer Double Effects Of Global Crisis

This article was originally published in PharmAsia News

Executive Summary

The Australian biotechnology industry is seeking government help to replace some of the investment money that has ceased to be available to them. The multibillion-dollar industry is dominated by successful giants, but 80 percent of the investment capital smaller companies need has dried up in the past year. AusBiotech, the association for Australia's biotech companies, also cites government policy that provides commercial grants only if they are matched by private investments. Unfortunately, the head of the group said, matching funds have dried up during the global financial crisis that continues. Even those that might have funds available to invest are reluctant to take a chance on them when government money is not available to help supplement a biotech's costs, she said. (Click here for more
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