Some fear biotech reaching unsustainable heights
Every biotech in the Bay State and beyond is chasing what consulting firm Ernst & Young calls the “Gilead effect,” a reference to the Foster City, Calif., company whose sales more than doubled to $24.9 billion last year on the strength of Sovaldi, which can cure hepatitis C.
“Gilead was a bellwether for the industry,” said Glen Giovannetti, the Boston-based global life sciences leader at Ernst. “It produced a product that cured most people, which is phenomenal. It was the most significant launch in the history of the industry. That was a signal to the market, and investors poured in.”
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