Ernst & Young report: Biotech firms to rethink their business models  

2009.05.26
A new Ernst & Young report points to the importance of Danish biotech companies adjusting their business models to the current economic conditions
The Danish biotech industry has lots of drugs under development despite the worldwide economic downturn, but the lack of capital makes it necessary for companies in the industry to rethink their business models and make comprehensive adjustments, opines a new report from Ernst & Young, which has evaluated the biotech industry in Denmark and abroad. National daily newspaper Berlingske Tidende reports the news.
 
Benny Lynge Sørensen, head of biotech and pharma at Ernst & Young in Denmark, says: The Danish biotech industry is in the top league in Europe, but it is important for companies that they reorganise their businesses so they can survive in the current conditions. Many of the Danish companies were created at a time where access to capital was completely different, and so they are very vulnerable to a decline as the one we are now seeing."
 
Ernst & Young also points at trends in the industry that raise hopes for a future with growth despite declining share prices and accounts in the red.
 
"We are seeing a growing demand for pharmaceuticals from countries in Asia such as China and India which can pave the way for new agreements in the future at the same time as health authorities are becoming more aware of allocating money to treat diseases," says Lynge Sørensen.

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