Survey finds some changes at biotech firm

Abstract

Long-term research, production, and marketing plans of biotechnology firms continue unchanged in the wake of last October's stock market crash, though most have cut back on the number of projects and on new hiring and have changed approaches to financing. These are among findings of a survey of 291 such companies by Arthur Young International, an accounting and management consulting firm. G. Steven Burrill, who heads the Arthur Young High Technology Group, says the 291 biotechnology companies represented a 29% response from the 1037 firms contacted. Because 97 (43% of responding firms) are privately held, the survey supplements information usually obtained only from publicly owned companies (C&EN, Sept. 5, page 9). Interpreting results from the survey requires caution, however, because the companies that responded may not be typical of the industry as a whole. In addition, the survey includes 55 supplier companies to the industry, 19% of the total. Biotechnology product sales increased 25% in ...