Biotechnology: Delivering on the Promise
The growth of biotechnology has been one of the most important developments in the pharmaceutical industry; indeed, in the history of medical science. Forty years ago, the field was practically unknown. Today, thousands of biotech companies around the world are using molecular biology, genetics and genomics to produce a new wave of breakthrough medicines, and over 50% of research projects being conducted at major pharmaceutical companies are based on biotechnology. The growth of biotechnology-based drug development has given rise to a whole new industry classification: biopharma.
The promise of biopharma has been more than borne out by its performance. To date, the industry has created more than 200 new therapies and vaccines to treat cancer, diabetes, HIV/AIDS and other disorders. And these drugs are undoubtedly only the beginning; as researchers’ knowledge of biotechnology expands and deepens, most scientists expect even more effective treatments for a wide range of conditions.
Today’s biotechnology researchers rely on biology, chemistry and technological tools such as electronic databases and modeling software to generate molecular information pointing to potentially effective therapies. This “rational design” approach has resulted in the discovery of many successful new treatments. Genetic and genomic approaches are also yielding exciting results. In these approaches, information found in the genetic code serves as the starting point for the development of targeted therapies. Many experts believe that genetic/genomic approaches hold the most promise for effective therapies (if not virtual cures) for many serious conditions; however, genetic and genomic-based drug research will require large investments of time and funds, making the question of successful commercialization increasingly important to biopharma companies and their investors.