Four of Boston's leading biotech CEOs sat down with a reporter and editor from the Boston Globe to review the state of affairs in the industry--and they had a lot of concerns.
Genzyme's Henri Termeer: "Smaller biotechnology companies are having a hard time getting financed. What they are after is great. But in a moment like this--maybe for the next six months or so--they're stuck."
Joshua Boger from Vertex: "There will be a number of companies that will go out of business, not because of the intrinsic merit of their businesses, but because of the acute cash crisis."
James Foster, Charles River Laboratories: "But what you are also seeing is the establishment of much more virtual companies. When some of these biotech companies started years ago, they had a great idea and they would hire 150 or 200 people. Now you have companies starting with five people."
Martin Madaus of Millipore: "The amazing thing is, you read these stories about people not going to the hospital because they are afraid of the expense. And that has an impact. We have seen already a drop-off in [prescriptions]."
- read the Q&A from the Boston Globe