Burrill & Company's 25th Anniversary Annual Report -


Steven Burrill’s annual book on the “State of the Industry” has been an integral part of the biotech industry’s view of itself. 
Burrill & Company's 25th Annual Report on the Biotech Industry

Reinventing the Industry 

Considered required reading by top executives in the life science industry, this book is an invaluable, one-stop resource to make sense of the changing landscape. 

In Looking Back to See Ahead, you will discover: 

  • How pharmaceutical companies are reinventing themselves to address their pipeline problems and the competition from generics
    New strategies investors are pursuing to improve their returns
  • How the convergence of wireless, mobile, and Internet technologies is making personalized medicine a reality  
  • The global interplay between science, business, regulatory, reimbursement, politics and policy  
  • Comprehensive, unparalleled coverage of key trends makes Looking Back to See Ahead a critical resource for senior executives, as well as business development, sales, investment, legal, economic development, and other professionals who support the industry, to stay competitive in a fast-moving world.  


G. Steven Burrill has been involved in the growth and prosperity of the biotechnology industry for more than 45 years. In 2002, Mr. Burrill was recognized as a biotech investment visionary by Scientific American magazine, and in 2008 he received the BayBio Pantheon DiNA lifetime achievement award for his worldwide biotech leadership. He is an advisor to University of Illinois Institute for Genomic Biology, University of Wisconsin College of Agricultural and Life Sciences, University of California, Davis, University of Minnesota College of Biological Sciences, and the Duke University Institute for Genome Science and Policy, and is an adjunct professor at University of California, San Francisco. He is the founder and CEO of Burrill & Company, a global financial services firm exclusively serving the life sciences industry. 




*Print and Digital Copy: $425



Introduction: Looking Back. . . . . . . . . . . . . . 2
Twenty-five years ago, it would have been difficult
for most people to imagine the enormous value that
biotechnology would create. Some reflections on what’s
happened since the first edition of this report.

Chapter 2: Reinventing an Industry. . . . . . . . . 20
The need to find faster and cheaper ways to bring new drugs
to market has grown urgent as the industry struggles with a
number of trends that are putting unprecedented pressures
on pharmaceutical companies to reinvent themselves.

Chapter 3: Mapping the Future . . . . . . . . . . . . .44
A transformation in medicine is underway.
Ten years after researchers completed
a draft map of the human genome, a
new understanding of the role genes
play in disease is starting to lead to new
therapeutics and diagnostics. It’s not just
this new understanding of genomics that
is driving change, but a convergence of
technologies that is empowering patients
to take greater control over their own health
and promising to address the rising cost of
healthcare by changing the way disease is
diagnosed and monitored and how care is
accessed and delivered.

Chapter 4: Mending a Broken System. . . . . . . . . 70
As political battles over healthcare reform rage on,
the pressures on healthcare systems continue to
force changes to address the problems of access and
affordability. The healthcare reform legislation signed
into law in the United States in 2010 represents a
significant step to address these issues in terms of the
historic fight for healthcare reform, but it remains to
be seen to what extent it will change the practice of
medicine and address the problems that underlie
its rising cost. The lessons of the past show this is
possible, but only through disruptive innovation.

Chapter 5: Seeking Balance. . . . . . . . . . . . . . . .  94
With the renewal of the Prescription Drug User Fee Act moving
to the center of the policy stage along with the fight over
a pathway for biosimilars, the need to balance the FDA’s
mission to protect the public with the need to lower barriers
to innovation will underlie the debates ahead.

Chapter 6: Emerging MarketsFuel Growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
Facing competition from generic drugs on
more than $142 billion in sales over the next
five years, the industry jumped headlong into
increasing its presence in emerging markets.
The strategy accelerated in 2009 and remained
strong through 2010 as  Big Pharma cut its workforce
in developed countries and shifted resources
to emerging markets. These countries are also
moving fast to embrace biotechnology as a driver
of economic growth.

Chapter 7: Addressing Global Challenges. . . . . . . .268
Environmental, energy, and food security risks posed
by climate change and the rapid growth of economies
and populations are driving nations to search for ways to
move from a fossil fuel-based economy to a low-carbon
economy,  one that runs on renewable sources of energy
and sustainable agricultural practices. Nations are turning
to industrial biotechnology for sustainable solutions that could
lead to energy security and mitigate global warming.

Chapter 8: Shifting Risk. . . . . . . . . . . . . . . . . 308
Pressure on companies to carve out successful
new deals and partnerships is intensifying.
Pharmaceutical companies face billions of dollars
in lost revenue in 2011 as their top products lose
patent protection in developed markets, leaving
little choice but to acquire promising new drugs
and development platforms for growth. At the
same time, deal making activity has been reshaped
by a new attitude toward risk.

Chapter 9: Playing by New Rules. . . . . . . . . . . . . .330
The biotech financing machinery hasn’t been
working well. For companies, capital is scarce and
expensive. For venture investors, risks are high
and returns are low. And for investors in initial
public offerings, performance has been dismal.
There are reasons to believe that the funding
woes biotech face are not a cyclical phenomenon,
but represent a structural change to the finance
landscape for the life sciences.

Chapter 10: Seeing Ahead. . . . . . . . . . . . . . . . . . .360
As the industry sets forth on its journey
during the next 25 years, we take a peek at
where it may be heading during this period
and describe some of the major drivers that
will influence its direction.

About Burrill & Company. . . . 370
A look inside Burrill & Company and its
venture capital, merchant banking, private
equity, international, and media operations.