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Positive Signal To Growing Biotechnology Sector

Friday, 25 May 2001, 10:24 am
Press Release: New Zealand Life Sciences Network

Budget Sends A Positive Signal To NZ’s Growing Biotechnology Sector

There is a strong signal that Government wants to see increased commercialisation of biotechnology in its Budget announcements, the Chairman of Biotenz, Dr William Rolleston said today.

“The Government’s Venture Investment Fund is a solid step in the right direction towards the commercialisation of New Zealand-developed intellectual property. It’s never enough but it’s a good start. The Government has put a challenge in front of biotechnology companies, venture capital companies, universities and the crown research companies to get out there and do something with the knowledge we already have. That’s really positive.

“But on the other hand the Government has reduced its spending in some critical science areas by more than $2 million. That’s not positive.

"While the total spending cut is not great, does it send the sort of message the Government wants to the businesses which transform science into products? The Government still has a lot of work to do to support a vibrant tertiary education section (the engine room of any knowledge economy) and in creating a regulatory environment attractive to investment in new ideas.

“However, overall the opportunities are there for biotechnology companies to get financial support for ideas which can be commercialised and the Government deserves our congratulations for making it clear that biotechnology is a big part of the future,” concluded Dr Rolleston.

Ends

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