California may still be called the Golden State, but its image among biotech and pharma startups has been tarnished. The financial squeeze has dried up sources of funding, plus the combination of federal and state red tape serves as a one-two punch. Nearly three-quarters (74.2%) of some 100 CEOs surveyed recently said their companies were forced to delay a research or development project in the last year. When asked why, more than two-thirds cited either lack of available financing, heavy-handed regulation, or both. As a result, some CEOs are looking at expanding overseas. How do you think California will fair?
What is your forecast over the next 12 months for startup biopharma companies trying to do business in California?