Despite the EU’s consistent growth in the biotech business, the EBE claims that the industry is not receiving enough support from investors, universities or research institutions, thus limiting the EU’s ability to keep pace with the US in biotechnology.
The EU is lagging behind due to challenges in translating scientific innovations into successful businesses, a European Biopharmaceutical Enterprises (EBE) report claims.
Biotechnology is the use of living systems or organisms in the creation of industrial products. The growth of the biotechnology industry is “important for Europe” and created 10,000 new jobs and 93 medicines recommended for market authorisation by the European Medical Agency in 2015, according to the EBE.
The EBE suggests that steps should be taken to create a stronger investor community for biotech products to prevent places other than Europe from benefitting economically from technology invented and developed in Europe.
“License to fail”