Healthcare Biotech Medicines
Biotech medicines are a rapidly growing part of the healthcare industry. They are used to treat more than 200 diseases. The number of medicines approved by the FDA has increased from thirty in 1996 to eighty-five in 2005.
A growing number of biotechs are also commercializing their products. Several have developed vaccines and monoclonal antibodies. Other companies develop drugs for rare diseases, chronic diseases, and infectious diseases.
Medical biotechnology is a promising area of technology, but it is costly. The field raises ethical questions. It has been the subject of a great deal of criticism.
Medical biotechnology involves a variety of stakeholders, including researchers, pharmaceutical companies, medical research facilities, hospitals, insurance companies, and government agencies. Each has a role to play.
Research and development costs are increasing. While a few innovations have led to major returns, there are risks involved. People have even died in clinical trials.
Healthcare biotech companies are racing to commercialize gene manipulation discoveries. Some of the most exciting breakthroughs include tissue nanotransfection, which uses a genetic code injected into the skin to heal. This technology is also able to repair injured mice over a few weeks.
Biotech companies have faced challenges, including the Great Recession and the financial crisis. During this time, sixty companies went bankrupt. In addition, investment dollars dried up from the public investment markets.
However, R&D productivity is improving. And there is an increasing demand for healthcare. That could lead to pricing pressures.