Product boom boosts biotech sector

The biotechnology sector has been performing well on the back of the rebound in the technology area. New product developments and faster approval of drugs by the US Federal Drug Authority (FDA) has led to growth, and there has been in general positive newsflow in the industry. However, there are concerns by some fund managers the current success will not last indefinitely. Norman Fidel is manager of the ACM International Health Care at Alliance Capital. He says biotechnology stocks have generally performed in line with Nasdaq-type technology stocks. Fidel says: "We are overweight in the ...