Last year, biopharmaceutical research partnerships and licensing deals topped $12 billion. That's up almost one-fifth from 2003. And the trend looks like it might stay on track; in the first half of 2005, there were already more than $6 billion in deals. Fewer of these deals are now made by big pharma, the majority being sealed between biotech companies.

Credit: 2002 data for Japan, UK, and EU15 (Austria, Belgium, Luxembourg, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, United Kingdom). Source: Organization for Economic Co-operation and Development, Eurostat, country finance ministries
Credit: Source: Windhover, Burrill & Company
Credit: Source: Windhover, Burrill & Company, Nature Biotechnology
Credit: Source: Windhover, Burrill & Company
Credit: Source: Revere Data, Nature Biotechnology
Credit: Source: Recombinant Capital