While I bounced back and forth between Toronto and New York this week, a lot of other things were bouncing around in the world of biotech:
The U.S. stimulus funding to promote adoption of electronic medical records bounced across the border to Ontario, where a new program was implemented through the Ontario Medical Association. The Ontario program provides an amount of cash per physician comparable to the U.S. funding, plus it offers consulting help and provides funding for upgrades.
Novartis bounced $1 billion of its R&D efforts to China, and in the same breath called India’s upcoming decision on a Novartis patent a “turning point” for India’s R&D industry. It’s not surprising to see an innovative company like Novartis seek out a friendly IP (intellectual property) environment. It is a bit surprising to see Novartis make the assessment that China provides that environment.
The Venture Capital industry bounced from excited to depressed. While the Q2 numbers had a silver lining that showed renewed biotech strength (at least in the U.S.), the Q3 numbers were miserable all around. Canada’s venture capital industry had its worst quarter in 14 years, and even the New York Times suggested the VC crowd was in for a shake up.
Still, deal activity is picking up again and the terms are looking a bit more favourable for companies, so keep an eye on The Cross-Border Biotech Blog and at @crossborderbio for the latest. See you next week. For now … gotta bounce.