Biotechnology plays critical role in New Zealand economy

14-Dec-2006

New Zealand biotechnology is in great shape and continues to play a critical part in New Zealand's economy, contributing $300 million to $400 million each year, according to the New Zealand Biotechnology Industry Growth Report. The report is a comprehensive analysis of the New Zealand biotechnology industry by LEK consulting, and shall provide a robust baseline to measure the growth of this emerging sector. It was commissioned by the Ministry of Research, Science and Technology (MoRST), New Zealand Trade and Enterprise (NZTE) and NZBio, New Zealand's national biotechnology industry body.

Key findings show expenditure on biotechnology increased by 20 per cent between 2004 and 2005 to $640 million, with biotechnology export revenue increasing by 30 per cent over the same period. The biotechnology industry now employs more than 2200 people in New Zealand. While the country's natural strengths in primary industries, forestry and horticulture shine through, New Zealand has a balanced biotechnology portfolio with an increasing focus on medical devices and diagnostics, human health applications and industrial biotechnology.

New Zealand Trade and Enterprise Sector Director Biotechnology, Dr Chris Boalch, says the report confirms biotechnology as a growing industry that promises to contribute positively to New Zealand's economic development in the future. "It is interesting to see that more than 75 per cent of New Zealand biotech collaborations involve international organisations. The ease of doing business here, the fact New Zealand is very receptive to investment, and the collaborative and close-knit science community - it's all very attractive from an offshore perspective," says Dr Boalch.

https://www.bionity.com/en/news/60137/biotechnology-plays-critical-role-in-new-zealand-economy.html