"Biotech firms squeezed by economy and hungry giants" by Robert Weisman, Globe Staff / November 6, 2010
A wave of cutbacks is erasing nearly 400 jobs at Massachusetts life sciences companies and reshaping a sector that is key to the state’s economy, with global drug makers stepping up to play a larger role as home-grown players shrink operations.
That's funny; they claim to have created that many through six months last year.
This article is available in our archives:
Good thing I bought a paper that day, huh?
The new dynamic is being driven by several interlocking trends. Local biotechnology start-ups are starved for cash in a tight credit market, while more established companies are under pressure to focus on short-term profits in an industry traditionally geared toward long-term investment.
After the Fed pumped in trillions in loan liquidity? WTF?
Cash-rich foreign pharmaceutical giants, meanwhile, have been drawn to the Boston area’s robust academic and research centers as they scramble to expand their drug pipelines....
And claim their share of the tax loot!
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Hey, what would you do if you heard Massachusetts was giving away money?
Related: Life science firms win $23.9m in tax breaks
Biotech Giveaway Was Borrowed Money
Yeah, the interest payments only cost you about $800,000 dollars, taxpayers -- for companies that rarely, if ever, make profit.
"Most big drug companies have been tightly integrating their research and marketing efforts, targeting drugs that might yield the largest sales pop....
All for your own good health, readers.
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But that is our future economy?
Also see: State revokes credits for delayed biotech start-up
Massachusetts' Lost Decade of Jobs
No wonder this state has been financially destroyed!
