Stimulating the European biotechnology industry
On the initiative of Mrs. Edith Cresson, Member of the Commission responsible for research, innovation, education, training and youth, the Commission and the European Association of Security Dealers (EASD) have decided to set up a "Biotechnology and Finance" Forum aimed at stimulating the development of the European biotechnology industry and promoting entreprenuership in this sector. The Forum is intended to facilitate the development of links between the scientific and industrial community (researchers, "campus companies", etc.) and the financial sphere (investors, etc.), with a view to increasing the availability of funds for investment in biotechnology research and development. Despite the substantial research potential of the European Union in this area, difficulties experienced by European industry in translating research results into marketable products and processes are a serious impediment to the growth of this sector. One of the principal barriers to innovation is the difficulty of many small companies in obtaining the financing needed to support the first phase of their development. Announcing the creation of the new Forum, Mrs. Cresson underlined the fact that: "In Europe, there is still too big a gap between those involved in research and technological development and the financial community. To develop new technologies is one thing - ensuring their dissemination and their use is another, and the latter stage is essential to allow our companies to enjoy the benefits expected in terms of growth and job creation. In this context, this forum should improve the links between European research and potential investors, and in particular venture capital". According to the Chairman of EASD, Mr. Didier Duhem: "Now Europe has pan-European financial markets allowing, like NASDAQ, the financing of European biotechnology companies. These markets have proved that they were capable of simultaneously raising new funds for companies and providing venture-capital investors with the necessary returns, which could be reinvested in new companies. Now that this virtuous circle has been initiated, nothing prevents the European biotechnology industry from benefiting from the same level of funding as has been enjoyed by its American counterpart". The Forum intends to carry out various activities to bring industrialists, researchers, and the financial community closer together: presentations of companies and projects to institutional investors, studies, European conferences, etc. The first initiatives for the "Biotechnology and Finance" Forum are planned for the beginning of 1998 and will consist of a major conference (in April) and the publication of a survey on the financial needs of the biotechnology sphere in Europe.
Kraje
Austria