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When infatuation ends

With little easing in sight to the biotechnology industry's capital formation crisis, one keeps coming back to the question of where the industry is headed from here. The answer is that we are headed in a very different direction than where we have been in the past. And we still have a way to go before we finish the current chapter of the industry's book. While investor interest is surely cyclical, when interest returns a very different set of criteria will drive the capital allocation process.

Before we review what the future holds, it might be useful to review the developments that have had the biggest impact on the industry's current condition. A few observations from today's world and the recent past also may discover relevant markers for the industry's direction.

First, the biotechnology industry still is in an early stage of development. Most of the industry's advances have been the discovery and development of various

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