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August 2004 Biotech Exodus?Moving drug development outside the United States in the preclinical phase can reduce cost, now estimated at $800 million per product, speakers told the School's fifth annual Health Care and Biotech Symposium. Developing drugs overseas, particularly in East Asia, can bring the price down 21 to 40 percent, said Glenn Rice, vice president of pharmaceutical discovery and development for SRI International. "You get an educated workforce, remarkable infrastructure, a lot of government support. These governments have made life sciences a top priority—and they have a great venture capitalist community there." Fred Volinsky, managing director of RCT BioVentures, agreed, but added a cautionary note: "Forty to 60 percent of postdocs in the United States are from the People's Republic of China and Taiwan. In 10 years, there will be a reverse brain drain in U.S. biotech. The people who will be leaving are the same people who are doing our best research here." |
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