of which are development-stage biotechnology companies based in the United States (LTC Willis. A. Reid, Chief, Office of Research and Technology Applications, Walter Reed Army Institute of Research, personal communication, 1993).

By all accounts, the worldwide vaccine industry appears to be entering a new era of activity and innovation. In the United States, commercial vaccine manufacturers and biotechnology firms are pursuing the development of innovative vaccine products targeted to the industrialized-world market. The development and manufacture of vaccines for exclusively developing-world markets are not attractive investments for either commercial vaccine manufacturers or biotechnology firms because they are unlikely to offer adequate returns on investments under current market arrangements.

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