The nonlinear dynamics of a coherent interacting polariton-biexciton s
ystem in optically excited semiconductors is investigated. We consider
the case when two macroscopically coherent modes - a lower branch pol
ariton and a biexciton existing simultaneously in a direct-gap semicon
ductor. The conditions for exhibiting optical bistability in stationar
y regime are obtained. Numerical simulation for the nonlinear dynamics
equations of the system is also carried out.