The new biotech report from Ernst & Young underscores just how vibrant the US biotech industry is. Its ability to attract record sums of investment dollars speaks volumes about the innovation and activity we see in this country. In Europe, where regulators have posed big challenges to drug makers, the scene is much more problematic, as anyone tracking the IPO market would be quick to agree. It's Asia, with its well educated, globally wired work force, that will present some of the biggest competitive challenges to the US. Countries like India and China also offer a new source of energetic development partners, and that will be a boon for the world. - John Carroll