In the coming year, biotechnology companies will continue to confront an unstable business climate, characterized by volatile financing markets and an unpredictable regulatory environment, according to a recent report on the industry's future.

Company heads also say that biotechnology faces an added degree of instability injected into its plans by the prospect of change in Washington. Industry leaders are responding to these factors by using a number of tactics to "accelerate commercialization," the report finds. Their goal, continuity and longevity for their research-intensive companies, is seen as likely to benefit not only stockholders but also researchers, whose jobs will be at stake.

The report, "Biotech 93: Accelerating Commercialization," released in September, is the work of G. Steven Burrill and Kenneth B. Lee Jr., analysts with the accounting and management consulting firm of Ernst & Young in San Francisco.

"To deal with the uncertainty and unpredictability that is a given in...

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