Biotech, boom or bust?

Just read this in the Economist today about the biotech industry:
"Its American stockmarket value is up tenfold over the past decade, to about $500 billion... (but) Thirty years after the biotechnology revolution began, the industry has yet to turn an aggregate profit. Take away the huge profits of a few success stories such as Genentech and Amgen and the picture darkens further. David Beier of Amgen estimates ath thte industry as a whole has lost $100 billion since its creation in the 1970s.
...most biotech firms are start-ups that have no products and little clue about how to convert their wizardry into things they can sell."

To be fair, the article later mentions how biotech can probably survive by teaming up with big pharma looking for promising new drugs developed via biotech. But with current uncertainties in both industries, I wouldn't invest in either 'cos its too big a gamble!

In other news, today's papers reports that construction contracts are expected to rise 19% this year. So I guess we need civil engineers after all huh?