BIOTECH RIDES A BULL INTO 2004

WITH A SURGE IN APPROVAL for new drugs from FDA and renewed interest from capital markets, industry watchers say biotechnology made a solid comeback in 2003 and has plenty of momentum going forward. According to the Biotechnology Industry Organization (BIO), FDA approved 25 new biotech drugs in the past year, an increase of 25% over 2002. FDA also stamped "go" on 12 new indications for previously approved biotech products in 2003. Companies in the sector raised more than $16 billion in new financing in 2003, up 56% from the previous year, according to the trade association. "The upswing in approvals in part reflects the new energy at FDA under the leadership of Commissioner Mark B. McClellan, who brought a deep commitment to innovation and a sensible risk-benefit analysis to the agency in 2003," says Carl B. Feldbaum, president of BIO. BIO claimed victories on several legislative fronts last year, according to Feldbaum, including new incentives ...