Trend: E&Y tracks growing biotech industry

The world's biotech companies raised a record $21.2 billion last year, according to a new report from Ernst & Young, and the lion's share went to U.S. drug developers. American biotech companies raised $16.9 billion, according to the accounting giant, a significant increase over the $14.4 billion raised in 2003. Europe's biotech industry faces big challenges, adds Ernst & Young, while biotech hotbeds have begun to blossom in India, China and Japan.

"Despite turning the corner, the European biotech industry is still facing huge challenges," said William Powlett Smith, head of Ernst & Young's British biotech section. "The regulatory environment is getting tougher and more complex. On the funding side, the early-stage segment is facing smaller funding rounds, which constrains opportunism and growth."

- read this story from Red Herring

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