Thoreau (whom I just don't read enough) has a great post on the issues with academic positions in bio-medicine. The recent doubling of the NIH budget has made it possible for the number of academics to dramatically increase. This increase led to people having very unrealistic expectations about academic jobs. In was in Physics in the 1990's when there was a contraction in the field -- I think it is fair to say that the future of Bio-Medicine is about to have some of the sam tragic outcomes.
The worst part is that I don't even have a decent alternate plan.