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Canadian Biotechs Resilient - But Financing Flat at $US733M for 2012: Ernst & Young
Friday, May 24, 2013Company Profile | Follow Company
Vancouver, BC, May 24, 2013--(T-Net)--Despite powerful science and great talent, financing for Canadian biotechs was flat in 2012. That means companies must boost their focus on efficiency and results if they hope to attract new investment, according to results from Ernst & Young's 27th annual biotech industry report.
"The focus on efficiency continues to be a huge challenge for Canadian biotech companies in the current business environment," says Mario Piccinin, partner at Ernst & Young. "While total financing essentially remained flat in 2012 at $US733m, venture funding was down by 60% to $US68m."
Ernst & Young's Beyond borders: matters of evidence report reveals that despite a clear recognition of the importance of demonstrating value, many biotech companies are investing relatively little to gather the sort of evidence that will be critical to their success.
Piccinin explains: "The other challenge is the move to outcomes-focused, evidence-driven health-care systems around the world. Strategic and financial investors want evidence that will be compelling to the ultimate payers. Canadian biotech companies need to address this challenge or they'll continue to struggle for financing."
Other Canadian highlights from the global report include:
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
For more information, please visit ey.com/ca.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Photo credit: QLT
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