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Outlook 2002: Jobs Abundant Despite Recession

Two months after the September 11 terrorist attacks the US government finally acknowledged that an already anemic economy had slipped into recession. It wasn't exactly a stop-the-presses moment. Everyone, from the guy with a few nickels in a 401k plan to big money investors, knew that Wall Street's run had ended. While every sector of the economy has suffered, the slowdown has refocused attention on the life sciences, which venture capitalists had shunned only a few years ago. In biotechnology

Bob Calandra
Two months after the September 11 terrorist attacks the US government finally acknowledged that an already anemic economy had slipped into recession. It wasn't exactly a stop-the-presses moment. Everyone, from the guy with a few nickels in a 401k plan to big money investors, knew that Wall Street's run had ended.

While every sector of the economy has suffered, the slowdown has refocused attention on the life sciences, which venture capitalists had shunned only a few years ago. In biotechnology and biopharmaceuticals, venture capital investments are relatively safe with a strong potential for handsome returns. And more money means more jobs for scientists and researchers. "It's a sellers market," says Tom Abt, candidate resource manager for Bench International in Beverly Hills, California. "There is a lot going on in biotech. It's in the news everyday and any time the industry is talked about it creates a lot of action....

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