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Biotechnology in the European Union; Trends, Investing & Country Profiles
Energy Business Reports, April 2008, Pages: 91
Biotechnology is often considered to be one of the key technologies that will help enable the long-term sustainable development of the European Union (EU), particularly in terms of economic growth, environmental protection and public health. At its March 2000 Lisbon summit the European Council endorsed the objective of making the EU “the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion”. In 2005 the Lisbon Strategy was refocused on economic growth and more and better jobs.
The biotechnology products and processes are an integral part of the EU economy, particularly in manufacturing, including pharmaceuticals, agro-food and health care. While some products are invisible to the general public – like use of genetic markers in livestock breeding, etc – others are used on a daily basis - detergents with enzymes and recombinant insulin – or have become a topic of public discussion e.g. genetically modified crops.
The predominance of the health sector in European biotechnology is visible from the distribution of dedicated biotechnology firms by sector. According to Critical I report, 37% of biotechnology companies in 18 European countries (including Norway and Switzerland) were active in the human health care sector while another 18% were classified as active in bio-diagnostics, which also includes health care diagnostics. Companies active in agricultural and environmental biotechnology make up 11% of all the biotech companies and 34% of the biotechnology companies provide services such as bio-processing and screening.
The competitiveness of the EU in developing biotechnology applications depends on the EU’s capacity for conducting research, generating new knowledge and converting it into new products and processes. Stimulating research, but also promoting take-up of innovations and encouraging entrepreneurship in biotechnology to reap the economic returns that can be generated from the research results, have been identified as challenges for the EU.
The European biotech industry is investing strongly in the future and is funding large increases in research and development (R&D). R&D expenses have increased by 22% for publicly traded companies and by 15% for the industry as a whole. The industry’s long term growth can only be secured through strong R&D activities. On average, publicly traded European biotech companies are reinvesting about a third of their total revenues in R&D, a strong proof of their dedication to long-term growth. Compared to the beginning of century, many European companies are now better placed to tap into the biotech industry's momentum in the region. Throughout Europe, local governments are striving towards new levels of excellence and the industry overall, is benefiting from focused efforts.
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