Pharmaceutical giant Johnson & Johnson is opening a biotech center in the Silicon Valley -- a move that is giving the industry a shot in the arm. Scott Budman reports.
Biotech looks to be on of the growth industries in the near future. And, on cue, one of the world's biggest healthcare companies is putting a bet that Silicon Valley will help lead the way.
Johnson & Johnson executives are flying out from New Brunswick, NJ, not because of our beautiful weather, but because Silicon Valley biotech companies are known for cranking out promising and profitable drugs.
With the opening of a new innovation center in Menlo Park, J&J is looking to help foster growth in an area that has seen a lot of it.
For years now, biotech startups have been coming up with new healthcare advancements, and large pharmaceutical companies (often on the East Coast) have been making investments, or buying the smaller companies outright.
J&J seems to be getting an early start to all this, and they should benefit from the innovation - and, who knows, maybe startups - that come out of the new center?
Entrepreneurs will get funding, and startups will have a place to do cool research. Think of the center as something like an internet incubator, but for life sciences. It's an area with immense growth potential, and to have large companies and small working together from the beginning makes a lot of sense.
Scott, on his way to the opening, is on Twitter: @scottbudman