Courtesy of JTC Corporation and the Singapore EDC
Biotech revenues soared 845% in Europe and 193% in Canada between 1998 and 2002, according to a 2004 report from the Biotechnology Industry Organization (BIO). Countries in Asia-Pacific are currently posting an annual biotech growth rate in excess of 25% annually.
Clearly there's money in biotechnology, and countries around the world want a piece of the action. Economic Development Councils (EDCs) are typically charged with the task of luring biotechs and other companies to a region. Their names tend to vary, as do their specific roles and the tools they use in boosting their local economies and job availability. "We try to confuse people," jokes Jeff Finkle, president and CEO of the International Economic Development Council, a Washington, DC-based economic development organization. He estimates the number of EDCs in the United States at 15,000 to 20,000. Even more are based overseas.
Some ...
