"Biotech executive gets 3 years in prison
A former executive of a Cambridge biotechnology company has been sentenced to three years in prison for falsely telling a federal judge he was gravely ill with colon cancer in order to derail a government lawsuit against him over an experimental synthetic blood product. Howard Richman, 57, of Pearland, Texas, who was formerly senior vice president of regulatory affairs for
That's all? Related: Spoiled Biopure
Richman had pleaded guilty earlier to a count of obstruction of justice, averting a criminal trial. He admitted he forged a letter and an affidavit from a doctor saying he had cancer.
I thought these guys were in it for OUR HEALTH, not theirs!!!
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Related: The Biotech Fizzle
Biotech Giveaway Was Borrowed Money
And now that they STOLE ALL YOUR PENSION and TAX MONEY!
"Mass. biotech firms urged to remain independent" by Robert Weisman, Globe Staff | October 7, 2009
Industry leaders warned that the old model of forming a biotech company, shepherding a drug through development and years of clinical trials, and then selling the company to a pharmaceutical buyer may be played out. Success will now require a survival mentality and a focus on remaining independent, said Barry Greene, president of Cambridge biotech Alnylam Pharmaceuticals Inc....
Biotech leaders said it could take seven to 10 years to bring new drugs into commercial use in the future, compared with the five- to six-year time horizon of the past, mostly because of scarcer financing and a longer government approval process....
That's because the PENSION and TAX LOOT has all been stolen, 'murka!
During a panel on building a sustainable biotech business model, moderator Ted Torphy, chief scientific officer and head of external research for Johnson & Johnson Pharmaceuticals, told the audience at the Sheraton Boston Hotel that drug companies continue to look to biotechs for research and development.
ALL PAID for by TAXPAYERS, etc, and yet we CAN NOT HAVE UNIVERSAL HEALTHCARE! And then these pricks charge an arm and a leg for the pills.
“As an industry, we’re spending more and more for less and less productivity,’’ Torphy conceded. “Unless this changes, large pharmaceutical companies may be doing better by their shareholders if they invest in oil rather than investing in drug discovery.’’
That is what is known as a FAILING BUSINESS MODEL!!
Where you ever RIPPED OFF, America!
But that doesn’t mean they are as eager to make acquisitions as they’ve been in the past, Torphy said, noting that big pharmaceutical companies have been moving aggressively to pare costs by streamlining research and striking partnerships with biotechs. “We want products, we don’t want companies,’’ he said.
Bull crap!
Related: The Therapeutic Rip-Off
Not everyone agreed the old business model is broken.
Alan Crane, former chief executive of Momenta Pharmaceuticals in Cambridge who is now general partner at Polaris Venture Partners in Waltham, said: “There’s a lot of reason for long-term optimism,’’ Crane said, citing the aging of the population and growth in global markets....
Yeah, let's get the whole world hooked up to their noxious poisons.
But in the near future, biotechs will operate in an environment of funding scarcity and will need to adjust their goals - and their “burn rates,’’ the speed at which they run through venture capital - said Noubar Afeyan, managing partner and chief executive of Flagship Ventures in Cambridge.
Related: VenCap Vroom-Vroom
Yup, your PENSIONS were BURNED UP so people could PARTY, folks!
He defended venture capital firms’ practice of investing in more mature companies, which has come under criticism from cash-starved entrepreneurs. “If we pour a lot of money into the early stage, we’re going to have a lot of orphan companies.’’
--more--"And here is the next set of customers:
"Drug sales may hit $1 trillion in 2013" by Associated Press | October 8, 2009
TRENTON, N.J. - One-fifth of all pharmaceutical sales growth will come from China between now and then, with the market there growing at more than 20 percent each year.
Yeah, let's DOPE UP the clean-living Chinese!
Actually, I trust their herbs more than any damn pill made by the profit-hungry pharmaceuticals.
By 2013, the world’s most populous country should become its third-biggest prescription drug market, after the United States and Japan - with roughly $80 billion in 2013 sales.
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Next up, the world!
