Watch out for California

Starting with the Clinton adminstration's attempt to seize control of the U.S. health care system, and continuing through congressional efforts to impose price controls on drugs, BioCentury has been warning that members of the biotech community who choose not to participate in political life will find themselves, their businesses, and their opportunity defined by others.

Next week, on Nov. 5, California's electorate will vote on what must be the most blatant attempt ever seen to make public enemies of entrepreneurs and their investors. As documented in BioCentury's cover story this week, California Proposition 211 would allow any individual to sue a company, and to target the personal assets of its managers, board members, and probably its agents in the analyst, banking and IR/PR fields in the event the plaintiff's pension funds, retirement funds or retirement savings decline in value as the result of alleged fraud on the part of the company or individuals associated with it.