Biotechnology has become a big business in the United States, over the past few years. It is spreading across the United States, a few small hot spots, called biotech clusters, have captured the nation's majority of the nation's biotech business. Other states have wanted to join the list. 41 states have committed a total of $18 million to attract and develop biotechnology. More than 80 percent of local and state economic development agencies named biotech as one of their top two targets for industrial development. Regions with a significant amount of biotech companies venture capital during the past three years. Many San Diego are trying to lure biotechnology and attract other high-wage professionals to support the industry. The tax and revenue potential of these concentrations of biotech companies puts hope in the eye of chamber of commerce and government leaders.
In a state with no biotechnology infrastructure, research institutions, commercial enterprise or specialized venture capital firms, Bush promises that the biotechnology will create 44,000 jobs and $1.6
billion within 15 years. Florida is the only state that sees promise in the industry. Iowa hopes to transform its historically agrarian economy with biotechnology. Arizona has invested nearly $140 million to establish a biotechnology sector. St. Louis philanthropists and businessmen have raised more than $284 million in venture capital during the past three years.
Analysts from the Battelle Memorial Institute surveyed state biotechnology initiatives around the country and reached a similar conclusion. The industry is growing rapidly, sprouting many branches that will eventually create biotechnology centers around the globe. The big twist in the biotechnology industry is that all this hope and attention is focused on an industry that is a gamble. Last year, the US biotechnology industry lost $11 billion of investors' money. Only one in one thousand patented...