Come 1.2, Biochem will arguable be the worst crafting profession.
The current Rakata reusables (stims/adrenals/medpacs) will still be there but Bioware won't introduce new ones so these reusables will become obsolete over time as better non-reusables are introduced into the game. Besides, the 2-hour Exotech versions are currently better than the reusables now.
The next nerf to Biochem is that medpacs are only usable once while in combat. This makes reusables less desirable and will also lower the demand for the crafting and sale of Biochem medpacs.
Lastly, Bioware is now making the biochem Implants non-augmentable meaning that when crafting an implant, a crit will mean you get two implants rather than an implant with an augment slot. This is definitely a nerf to the profession as other gear that other classes can make can be made with an augment slot.
There is really no reason to go Biochem anymore. Just buy the mats off the GTN and get a fellow biochem guildie to make you what you need. Or roll an alt and take Bioanalysis for the ability to farm mats.