The latest information from the U.S. Food and Drug Administration shows that over ninety drug products including vaccines based on biotechnology have already been approved. The US spent over nine billion dollars on research and development of biotechnology. A growing industry that blends biotech development and investment, while funding the independent research needed for pharmaceutical products on the horizon. Pharma companies both largh and small are partnering with the biotech firms and through ventures, and acquisitions finding new ways to fuel the drug development field. The horizon is just beginning to open.
With biotech's best years ahead, especially in the avenue of pharma companies, there are new adventures around every corner. There are many biotechnology drugs currently in trials and thousands more in clinical research and development. Years ago it was believed that these biotech's that were just starting would grow into their own pharmaceutical companies, but now that belief is shifting. Instead of the traditional venture capital supporting these pharma companies switched gears and biotech companies began to specialize in other markets, focusing on gene therapy, drug delivery and other more directed areas. The pharma company started working with the biotech firms to provide funds needed for the research and development. This opened the door for the expansion and development we are seeing today. The competition is also expanding and as with all markets there will be some that survive and some that disappear. Not all investments will be prosperous, and not all the drugs will be break throughs for progress.
So as each pharma company makes larger investments with the bio tech firms, and very early in the process, the risk they undertake is large. Is the risk worth it? Well as you look at the industry, look forward to the evolution that is coming. It is unknown if the risk will pay off, but it is the leading edge, the wave of the future, the benefit that could save many lives, or prevent the next plague. Risk is always there for new products, new drugs and new research. The answers are all unknown, but so are the benefits we have to gain.