biomedical industry -- composed of pharmaceutical, biotech,
medical device and diagnostics segments -- is shaped by
a variety of distinctive forces. Among these are the need
for specialized human capital, a formidable regulatory approval
process, high sunk costs, a complex financing structure,
science risks, and a range of ethical and political issues.
The outlook for the industry in the next 10 years is very
positive. It will experience explosive growth in markets
for the treatment of both chronic and acute illnesses. These
markets will be driven by a confluence of political and
demographic trends -- most notably globalization and population
growth and aging -- as well as by new products resulting
from the genomic discoveries of the late 1990s and early
2000s and a generally favorable policy environment.
report makes the case for fundamental changes in the biomedical
industry in the coming years. It anticipates the ascendance
of personalized medicine and suggests ways in which industry
players will have to adapt to profound demographic, political
and technological shifts in order to compete successfully
in a world transformed by forces of globalization.