Report: Calif. Biotech Up but Uncertain - Forbes.com

Report: Calif. Biotech Up but Uncertain - Forbes.com: "California's biotechnology industry is growing steadily, but the looming possibility of increased government oversight could stifle new drug development, according to an industry-supported report set for release Thursday. The California Healthcare Institute reported that biotech businesses and research generated $73 billion in revenue in 2006 in California, up nearly 20 percent from 2005. Including medical device and diagnostics firms, California biotech companies brought in just over 40 percent of the $7.4 billion in biotech venture capital - about three times as much as Massachusetts, the state's nearest competitor. And the National Institutes of Health bestowed $3.3 billion in grants on California researchers, significantly more than any other state, the report found."