FROM THE PRESIDENT

Now that 2001 has left us, it is appropriate for us to contemplate the remaining challenges and hence what the starting point will be for 2002. 2001 was a year when the agenda of our world and our own expectations were disrupted by the tragedies associated with September 11th, and when economic downturns happened in some of the major economies of the world, and yet the biotechnology industry generally continued strong growth. Perhaps the risks associated with investment and returns in biotechnology transcend, for the time being, the perceived risks associated with this political, social and economic disruption, and the more general recession that is occurring. Most likely, the demand for the benefits of biotechnology, which include improved health, environment and food supply, to name but a few, will always be there, in a world in which the pressure on natural resources and the impact of disease will continue to grow as the population continues to expand.