Ernst & Young has released its annual report, Beyond Borders: Global Biotechnology Report 2008, which notes record high levels of venture capital in 2007 at $7.5 billion in the U.S. and $60 billion in new deals.

In addition, globally the industry moved closer to profitability as it pruned its losses from $7.4 billion in 2006 to $2.7 billion in 2007. In the United States, according to the report, biotech came closer to overall profitability as an industry than in any previous year.

The report mentions potential for changes in current trends, including a push for personalized medicine that will affect the current drug market; pharma companies collaborating with biotech firms; and companies embracing globalization by working with other markets.

In Europe, the biotech industry's revenue decreased, while products awaiting clinical trial increased.

Australia and China saw an increase in IPOs worth $750 million.