Global Biotech Drug Sales Hit $75 Billion In 2007

June 18, 2008 11:39 a.m. EST

Boston, MA (AHN) - The global sales of biotech drugs went up by 12.5 percent in 2007 to over $75 billion. It is almost double the 6.4 percent growth of the overall pharmaceutical market in the same year, according to an IMS Health report.

But compared to 2006 levels, biotech sales actually slowed down from an 18.2 percent growth due to competition from generic biotech medicine from overseas, higher standards imposed by insurers in covering treatments and questions of safety over some new therapies.

To produce biotech medication, cells of living organisms are tapped, while traditional drugs combine molecules. Until 2012, the global biotech industry expects moderate growth.

While Massachusetts is gaining grounds in the field of biotechnology, bolstered by the $1 billion life sciences initiative signed by Massachusetts Gov. Deval Patrick, a report by Mass Insight Corporation said the state's information technology, communications and defense-related industries were on a downtrend.