Linda I. Miller, vice president for biotechnology research at Paine Webber Inc. in New York, last month told a seminar at The Brookings Institution here that the biotechnology industry has seen its risk factors decline and opportunities increase following the "turmoil and trauma" of 1983-85 period, during which its stock prices fell an average of 70 percent from their 1983 peak.
The industry is healthier now, Miller said. Patents on biologically engineered products have been upheld by the courts, a diverse assortment of products is reaching the market, and the field is maturing as biotech companies establish ties with larger corporations and the competitive fever begins to subside. After losing about $70 million in 1985 and an estimated $450 million last year, Miller said, the industry this year could break even for the first time.
Stock prices of the 50 or 60 publicly traded biotech companies have risen in the ...
