The European Commission Releases Several Targets to Boosting Biotechnology and Biomanufacturing in the EU

In the press release dated March 20, 2024 published on the official website of the European Commission (“Commission”), it is stated that acknowledging the potential of biotechnology, driven by advancements in life sciences and supported by digitalization and AI, the Commission aims to modernize various sectors including agriculture, energy, and healthcare.

The press release also stated the following:

• European Union (“EU”) biotechnology and biomanufacturing sector faces several challenges, such as technology transfer to research and market, regulatory complexity, access to finance, skills, value chain barriers, intellectual property, public acceptance and economic security.
• To address these challenges, the Commission proposes several actions:

• Leveraging research and innovation by conducting a study to identify innovation drivers and accelerate the development of Industrial Biotechnology Innovation and Synthetic Biology Accelerator (“EU IBISBA”).
• Stimulating market demand by reviewing the assessment of bio-based products' environmental impact and exploring bio-based content requirements in specific product categories.
• Streamlining regulatory pathways through potential EU Biotech Act, establishment of an EU Biotech Hub, and regulatory sandboxes.
• Fostering public and private investments by advocating specific challenges in biotech and biomanufacturing in funding programs and studying barriers to investment consolidation.
• Strengthening biotech-related skills through Large-Scale and Regional Skills Partnerships and updating European standards.
• Supporting collaboration and synergies across EU regions through Regional Innovation Valleys.
• Fostering international cooperation with key partners such as the US, India, Japan, and South Korea, and advancing partnerships with Africa, Latin America, and the Caribbean.
• Promoting the use of AI, particularly Generative AI, in biotech and biomanufacturing.
• Reviewing the EU Bioeconomy Strategy by 2025 to reinforce its industrial dimension and its links to biotechnology and biomanufacturing.
• These actions aim to overcome barriers and unlock the potential of biotechnology and biomanufacturing, contributing to a stronger and more competitive EU economy.

 

• According to the questions and answers section on the website which related to the issue, Biotechnology has directly contributed €31 billion to total GDP in the EU economy, created 210,700 direct jobs in health, industry and agriculture, and supported 625,700 jobs (indirect and induced) in the overall economy.
• Intellectual property (IP) plays a crucial role in the biotechnology and biomanufacturing sector, as it allows biotech innovators to protect their research results and thus recover the large upfront capital investments needed.  The Commission will continue to encourage the remaining Member States to join the unitary patent system.

The full text of the press release of Commission is available here.

You can reach the “Questions and answers on the Communication on Biotechnology and Biomanufacturing” here.

 

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Zumbul Attorneys at Law

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