Biotechnology sector boost from government
Date posted: 26 Jun 2009
The industrial biotechnology sector has received a boost from the government, which has announced measures to increase the use of products.
Recognising the potential for the industry, the government has taken action, which ministers hope will increase the share UK companies have of the larger biotechnology market, which is forecast to be valued at between £150 and £360 billion by 2025.
This boost follows the publication of an independent report, which outlined key commitments to make better use of the UK science and research base.
The industrial biotechnology sector has received a boost from the government, which has announced measures to increase the use of products.
Recognising the potential for the industry, the government has taken action, which ministers hope will increase the share UK companies have of the larger biotechnology market, which is forecast to be valued at between £150 and £360 billion by 2025.
This boost follows the publication of an independent report, which outlined key commitments to make better use of the UK science and research base.
Recommendations included establishing an Industrial Biotechnology Leadership Forum and investment in an open access demonstrator facility to ensure new processes and products are exploited.
Science minister Lord Drayson told bioscience and chemical sector business leaders that the biotechnology industry is the key to improving sustainable living and growing the economy.
He said: "The commitments we are making today are about supporting leading-edge research and creating a favourable operating environment in this sector.
"We must take advantage of its vast potential."
The Industrial Biotechnology 2025 report was published on last month and called on the government to address the sector's competitiveness challenges with the application of "market pragmatism".
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