The J.P. Morgan Healthcare Conference marks the start of each year for the biomedical community.
This year’s 30th annual meeting drew 8,000 attendees to the San Francisco area where biomedical companies set up shop inside the Westin St. Francis Hotel to showcase their latest research and unveil strategies for the year ahead. In attendance were members of the investment community, global industry leaders, technology innovators and media.
CHI highlighted results of its CEO Survey during a press conference attended by news outlets including Nature, BioWorld Today, Chemical & Engineering News and San Francisco Business Times, among others. The press briefing featured a panel of biomedical industry executives from Omniox, NuVasive and Theravance, who each shared their unique experience with raising capital, advancing important biomedical research and working with the U.S. Food and Drug Administration. CHI President and CEO David Gollaher, Ph.D., moderated the panel alongside BayBio President and CEO Gail Maderis and PwC National Life Sciences Partner Tracy Lefteroff.
Findings of the CEO Survey reflect issues discussed throughout the biomedical industry and provide an early glimpse into the 2012 California Biomedical Industry Report, due in February. The report, published annually by CHI, BayBio and PwC, provides a snapshot of the biomedical industry in California, the largest biomedical cluster in the world and the source of the greatest number of products in clinical development.
Among the notable findings were:
• Nearly three quarters (74 percent) of biomedical industry CEOs surveyed said their companies have had to delay a research or development project in the past year.
• Lack of funding was the top reason for project delays cited by private company CEOs, and accounted for more than one-third (40 percent) of delays by all public and private companies in the survey.
• Eight in 10 CEOs surveyed agreed or strongly agreed that the current FDA regulatory approval process has slowed the growth of their organization.
Additionally, 80 percent of CEOs surveyed do not believe that U.S. FDA has the best regulatory approval process in the world, and three-quarters believe that within five years, another country could conceivably recreate the ecosystem that has made the U.S. the leading biomedical region in the world.
“Sound public policy and managerial and operational improvements at FDA, along with responsible congressional oversight, will encourage biomedical innovation and, ultimately, job growth here in California,” Gollaher said. “Working collaboratively with other stakeholders, Congress, FDA and the biomedical industry can maintain the high standards of safety and effectiveness that address patients’ need, while improving our ability to attract investment and grow in 2012 and beyond.”
The survey was conducted in November 2011 and targeted approximately 100 pharmaceutical, biotechnology, medical device, diagnostics or medical equipment companies that conduct business in California.
Thank you to everyone who was able to attend or call into our CEO Survey results briefing! We will unveil the full 2012 California Biomedical Industry Report at BioMed Innovation Night, happening Feb. 8 at the Sacramento Memorial Auditorium. Register here for the event and check back with us at http://www.chi.org/ on Feb. 8 for full report details.
CHI-Advancing California biomedical research and innovation
