You have to go back to 2011 to find negative YoY% employment gains in the biotechnology industry until last week when the sector printed a -0.38% YoY change for employment in research and development in biotechnology, except nanotechnology. Between the 21st Century Cures Act and the Public Health Emergency, the sector has been a powerhouse for almost a decade.
As revelations unfold about the Chinese Communist Party's interest in genomic research, fishy labs are uncovered by California local governments, Invitae and Nanostring head to the courts with Chapter 11 filings, the happy possibilities the sector so inspired seem to be slipping away.
Funding flows in alternatives seem to suggest the private sector is stepping in but the United States Treasury is a hard act to follow both in scale and lack of discernment.
Emily Evans
Managing Director – Health Policy
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