A discussion of the status of the nanotechnology industry provides some important announcements related to the activities of Johnson & Johnson, Roche, Elan, Massachusetts General Hospital, and the Food and Drug Administration (FDA). In addition, the 2005 Nanomedicine Device & Diagnostic Report from NanoBiotech News also finds 152 nanomedicine, nanodevelopment, and nanodiagnostic products presently under development in companies and at academic research centers. Dr. James Baker, the founder of the Center for Biologic nanotechnology at the University of Michigan, describes a nanocrystal silver burn cream that is novel because the small crystals have much more surface area than larger particles, and, to that extent, are more effective in their antimicrobial action. Baker reveals that many drugs that have been stabilized or delivered with nanoparticles will begin showing up in clinics. In some instances, they will offer a choice other than the conventional methods for battling disease targets. Compounds that previously could not be used therapeutically also may become useful. A crucial advantage for nanotechnology is the ability to attack specific cells in order to improve efficacy of a therapy while lowering toxicity. The proposed budget from The National Nanotechnology Initiative (NNI) funds is in the millions. On the vendor side, Lucent and the state of New Jersey, in conjunction with the New Jersey Institute of Technology, created the New Jersey Nanotechnology Consortium, and Accelrys has the Accelrys Nanotechnology Consortium.