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The North America Biotechnology Sectors : A Company and Industry Analysis (August 2005)
Mergent, Aug 2005
This report looks at the biotechnology industry in the United States and Canada
Current Environment - Key Points
- The US biotech industry ended on a high note in the closing months of 2004 but some high-profile product failures in recent months heightened safety concerns and pulled the sector down in the first quarter of 2005
- Leading companies in the US continue to record revenue growth and profits owing to stronger demand of products
They are also effectively discovering new indications for their products, especially in the area of oncology
- Biotech companies in both US and Canada are actively consolidating and forming partnerships
Pharmaceuticals in both countries are increasingly turning to biotech companies to fill their starving pipelines
- Canadian biotechs are showing signs of maturity with revenue increases of 21% in 2004 and a fall in losses by 30%
More and more companies are moving toward clinical trials and filing for product approvals
Industry Profile - Key Points
- The US continues to dominate the biotech industry globally, generating sales of $50 billion compared with $8 billion in 1992
Canada, though still falling behind the US, is ranked first in the world in terms of R&D expenditure and third in terms of revenue generation behind the US and Britain
- US biotech market capitalization rose to $400 billion in 2004 from $344 billion in 2003, up 16%, according to the index of US biotech companies tracked by Burril & Company, a life sciences merchant bank
- The US regulatory environment seems to be tightening to enhance drug safety and may lengthen future product approvals by the FDA
- Biotech financing in the US and Canada was relatively solid in the past six months, largely owing to biotech's strong underlying fundamentals
April and May saw a significant amount of venture capital poured into Canadian biotechs at home and abroad
- The biotech industry in the US and Canada continue to garner more and more investments from the private and public sector as well as their governments
Market Trends and Outlook - Key Points
- Rising drug costs in the US are encouraging drug importation from Canada and undercutting US sales of drugs
- Targeted therapies in the US are gaining in importance and are being applied to biotech drug development, leading manufacturers to move away from the traditional -one-size-fits-all- drugs to more specialized solutions
- The US biotech industry is poised for profitability with many biotech products quickly moving out of the pipeline and into the marketplace
- Much is being done in Canada to attract and retain skilled workers
- Escalating health-care costs in Canada could lead the Government to relax regulations to allow cheaper generics to enter the market and replace costly branded biotech drugs
- Canada's history of biotech innovation, its excellent reputation, massive government support and favorable tax incentives will drive the industry to success
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