Biotechnology Overtaking Information Technology as Engine of SE Asia Economy

from emedia.com:

Ernst & Young�s report entitled On the Threshold � The Asia-Pacific Perspective says the number of public and private biotechnology companies in the region increased by 11 per cent, with total revenues of 120 publicly-traded companies increasing by nine per cent while research and development (R&D) spending increased 10 per cent. Globally, the report states the biotechnology industry public revenues increased by 17 per cent to US$46.6 billion (RM177.08 billion) in 2003.

�Biotechnology provides more tangible benefits,� says Carol Wong, executive director, Ernst & Young. The survey shows the United States still dominating the market, with Europe experiencing a resurgence of interest in recent years.