Financial crisis to take toll on fledgling US biotech sector

NEW YORK: The US biotech industry became profitable for the first time in 2008, a new report says, but the global financial crisis has led to a funding drought that could make the road ahead more difficult.

Those are just some of the findings from Ernst & Young's global biotechnology report 2009, its 23rd annual look at the industry.

The report by Ernst & Young said US profit for the industry totaled $800 million. Globally, the still-developing industry lost $1.4 billion.