The biotechnology sector has seen significant interest from investors in the last decade as companies have stepped up research and development activities. Biotech companies are focusing on diseases that were previously seen as untreatable. Even search engine giant Google (NASDAQ: GOOGL) entered the biotech or life sciences space. However, the company is facing some challenges.
Andrew Conrad, who was an executive at Google’s biotech venture now known as Verily, had proposed an idea for a device three years ago. The device bore similarities with Tricorder, the fictional device in Star Trek. The idea was to use nanoparticles for detecting cancer in early stages. Despite technological advancement, detecting cancer in early stages still remains a challenge.
Conrad’s idea got significant financial backing. However, three years on, the device is yet to materialize. In fact, three ideas proposed by Verily are unlikely to become reality, according to an investigation conducted by Stat. The other ideas include contact lenses with the ability to sense glucose to assist diabetics. While these ideas sound revolutionary, Google’s biotech venture has failed to make them a reality. The failure highlights the difficulty of operating in the life sciences space.
Shares in Google's parent company, Alphabet Inc., acquired $2.49 to $732.55 U.S., in late Tuesday trading, within a 52-week trading range of $538.86 to $810.35 U.S.
