According to Genetic Engineering News' annual list of "100 Molecular Millionaires," 1999 has seen a 29 percent increase -- an all-time high -- in the number of doctorates who have made their millions by starting or participating in the ownership of a biotechnology company.
He is followed by Lindsay A Rosenwald ($32.8 million, Interneuron Pharmaceuticals); Dr. Richard F. Selden ($16.2 million, Transkaryotic Therapeutics Inc.); Dr. Marc E. Lanser ($9.7 million, Boston Life Sciences Inc.); Joshua S. Boger ($9.4 million, Vertex Pharmaceuticals Inc.); Thomas H. Fraser ($2.5 million, Diacrin Inc.); and Robert C. Bishop ($1.7 million, Autoimmune Inc.).
Analysts attribute the growth spurt to advances made by laboratory researchers and computer scientists. Industry sales were $13 billion last year, up from $11 billion in 1997. The FDA approved 24 biodrugs last year, up from 19 in 1997. There are currently about 1,000 products in clinical trials, and 80 are already on the market. Survey Secretaries taking on management's tasks