the new california gold: biotechnology
Ernst & Young (EY), global leader in professional and financial services, recently conducted a study identifying the San Francisco Bay Area as a hotbed, a focal point, of the growing biotechnological industry. EY noted our region's "array of research universities, large number of public biotech companies with sizable market capitalization [there are about 219 such companies here in the Bay Area], and stem-cell research efforts" as factors that make the Bay Area a prime candidate for leadership in biotechnology. And with the California Institute For Regenerative Medicine (CIRM) finding its home in San Francisco, the area is indeed poised for becoming the industry's capital. I am not entirely thrilled about this of course, especially with embryonic stem cell research being conducted here. I note however that after the dot com bust that hit the Bay Area particularly quite hard, news such as this boosts the local economy.