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Biotech cheers 4 more years, but familiar struggles still ahead.

Year: 2004
Type: article
Abstract: For the leaders of the biotech business, this past election was worth a celebration or two. The Democrats’ support for prescription drug reimportation had been dealt a setback, new money would flow for stem cell research in at least one state, and important federal posts were likely to be filled with appointees who share George W. Bush’s belief in a free-market system. But even before the confetti was swept away, the gears in biotechnology quickly started to spin again as everyone from lobbyists to CEOs positioned to counter old threats and grab new opportunities. Within hours of the passage of California’s Proposition 71, you could start to see some business plans being recalibrated to take advantage of the $3 billion that the state will funnel into stem cell research over the next 10 years. The California vote swiftly revved up the competitive juices of states like Massachusetts and New Jersey that have pushed for new stem cell work, even as the federal government sought to limit research. On the federal level, Bush’s track record on price controls and reimportation — his administration has steadfastly opposed both —was enough to leave biotech leaders feeling bullish about the near-term. But with drug prices making reimportation a lightning-rod issue around the country, there are murmurs that Bush won’t be able to safeguard the industry forever.
Author: John Carroll
Language: English
Open Access status: green
OpenAlex ID: W331685990
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