Health Affairs, 25, no. 5 (2006): 1202-1203 doi: 10.1377/hlthaff.25.5.1202 © 2006 by Project HOPE	New Online   Pay Cuts For Medicare Docs   Access To Care Woes   Public Coverage More Efficient   Empowering Consumers

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From the Editor

Biotech Drugs Come Of Age; Policymakers Take Notice

IN THE VAST U.S. MEDICAL ECONOMY, with annual expenditures of $2 trillion, spending on biotechnology products represents a minuscule fraction, but it is growing rapidly. In 2005, revenues totaled $50.7 billion, an increase of 15.8 percent over the previous year, according to Ernst and Young, which tracks the industry. The largest biotechnology companies—Amgen, Genentech, Genzyme, and Gilead—enjoyed particularly robust growth. However, the industry as a whole recorded a net loss of $4.1 billion, which underscores the reality that drug development is a risky business. On the public policy front, the biotech industry—indeed, all of the . . . [Full Text of this Article]

John K. Iglehart, Founding Editor

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