Biotechnology, pharmaceutical and medical sectors of the economy have weathered the recession better than many other industries. Some large companies are beginning to show growth, and small companies and research centers of all sizes are reaping the benefits of government funding. This fall, President Barack Obama announced the release of $5 billion in stimulus funds for the National Institutes of Health. The funds are part of the $10.4 billion the NIH is slated to receive through the American Recovery and Reinvestment Act of 2009 (ARRA). (See BioWorld Today, Oct. 5, 2009.)
Federal Funding Finds Its Way to Biotech This Fall
