While the term bailout is being tossed around liberally to suggest any government assistance in these challenging economic times, U.S. biotech leaders appear to asking for just that, or at least an indirect bailout. Members of major biotech companies and industry organization BIO will meet with Congress today to ask for changes in currect tax laws that would in effect open to the door to more government funding for the industry.
It's easy to dismiss this as another industry's "me, too" plea for economic assistance, but let's not compare bio with other industries, including the auto industry. This is a case of a U.S. industry that is clearly the world's leader, not one in which a flawed business model and an unwillingness to change have led to financial strain, says Alan Eisenberg, executive VP of BIO.
--PWT
