BIO 2007: International groups meet in Boston

Researchers and scientists mingled with celebrities CEOs and royalty this week at the 2007 Biotechnology Industry Organization’s International Convention in Boston.

Thousands of attendees packed into the South Boston convention center to take part in the largest show of its kind all year. The gathering was expected to infuse $150 million into the host city’s economy, Boston Mayor Thomas M. Menino said at the convention’s outset. Last year, more than 13,000 people attended the convention, taking part in more than 1,394 presentations and nearly 30,000 one-on-one meetings, according to BIO figures. Mass. Gov. Deval Patrick’s office estimated nearly 20,000 bio-professionals would attend this year’s event.

Actor Michael J. Fox, who suffers from Parkinson’s disease, gave the keynote address Monday about the importance of cutting-edge medical research. Sen. Edward M. Kennedy was scheduled to preface Fox’s remarks, but instead delivered his speech via video from Washington, where he stayed behind to take part in a bio-related vote.

In his keynote, Fox urged biotech leaders to take more risks.

“Who’s funding genuine innovation today?” he asked.

Grants from the National Institute of Health have created a system that encourages scientists to publish papers that yield interesting answers, but fails to help the discoveries evolve into new treatments and cures, he said.

Fox said pharmaceutical and biotechnology companies are more interested in repackaging old ideas to reap higher returns. He did say, however, that he “couldn’t be happier” about recent advances.

The international aspect of the convention was evidenced by the thousands of attendees from around the world – more than 60 countries were represented on the show floor - and by day two keynote speaker, Queen Noor of Jordan, who spoke about biotechnology and its impact on global health.

BIO Chief Executive James Greenwood said the Malaysian group, with 350 participants, was the second largest international group this year, coming in behind only Canada, and the third largest over all. The U.S. had the most delegates, according to BIO figures.

A panel offering a global biotechnology report, hosted by Ernst & Young, found that the industry’s performance remains strong, with the U.S. industry “edging closer to aggregate profitability, and investors increasingly drawn to the sector.”

Panelists said financing opportunities remain strong, as European IPOs topped 2005’s performance. However, newer challenges are emerging. Ernst & Young said regulatory roadblocks and disappointing initial public offering valuations are slowing growth.

Protesters promised a strong presence this week, but local reports say the groups were small, if vocal.

BIO was founded in 1993 and is based in Washington, D.C. The group’s chairman is Joshua Boger, PhD, Chairman, President and CEO of Vertex Pharmaceuticals, Inc. The President and CEO of BIO is James Greenwood.

The group represents more than 1,100 companies and organizations at the federal, state and international levels.

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