The annual Massachusetts Biotechnology Council (MBC)meeting, which began on Wednesday, pointed up thesignificance of the biotechnology industry in the state.
In density of biotechnology companies, only the San FranciscoBay Area has more -- 181 companies -- than Massachusetts,with 142. Just over half of this number, 72 full-fledged biotechoutfits, plus 55 associate members, belong to the MBC.
Peter Feinstein, an MBC founder and director and president ofFeinstein Partners Inc., a communications consulting firm inCambridge, reported that last year the state's 142 companiesspent $2.4 billion. He also unveiled a 1992 Annual IndustrySurvey, conducted jointly by his firm, MBC and the Boston-based Arthur Anderson & Co., public accountants.
"After one of the most active financing periods in history,"Feinstein said, "on the order of $1.5 billion dollars came intothe state last year," and the 75 companies that responded tothe survey expect to raise another $859 million in 1993."
The canvass also reflected a shift in revenues from suchsources as licensing fees, interest and royalties to product sales,which in 1992 accounted for 70 percent of income, estimated at$1.85 billion.
Products now in the clinical trial pipeline total 96, of which 70are in Phase I/II and 26 in Phase III.
The state's biotech industry currently employs about 15,200people, representing 19 percent of the nation's 79,000employees.
John Canepa, an Anderson partner, forecast a job growth rateclose to 13 percent annually through 1997. -- David N. Leff
(c) 1997 American Health Consultants. All rights reserved.