Healthcare being delivered by smartphone, homes containing treatment capabilities now only found in hospitals, groundbreaking innovations rising from the confluence of technology and science. Change is constant in the biotech industry and few industry experts know its evolution better than Steven Burrill.
Burrill, CEO of Burrill and Company, presented his 25th anniversary annual report on the state of the biotech industry Biotech 2011-Life Sciences: Looking Back to See Ahead at the 2011 BIO International Convention to a packed hall today. In the mobile world, technology innovation will continue to influence how global health issues are addressed, he said.
“We will see more change (in the biotech industry) in the next 10 years than from the beginning of time until now,” Burrill said.
His address on the annual report cited food security and the need for more energy as key drivers of biotech. Looking forward, Burrill expects the changing nature of food and fuel use to influence the direction of the industry.
He also spoke about the current state of the pharmaceutical industry in the U.S. His report addressed how U.S. pharmaceutical companies are increasingly looking to foreign markets to introduce their products. As companies invest significantly in research and development of new drugs, Burrill said they are growing increasingly concerned about their products being rejected during FDA review.
“We have an industry here that is governed by regulators,” he said. “The question is whether the FDA is still the gold standard. Many companies want to find out about regulations in China, Russia and other countries where they can market new products.”
The way the biotech industry sees itself may also be among the changes over the next 10 years. He encouraged industry to be more sensitive to its value proposition to reach its potential.
Looking back may help the industry to find the best way forward.