WASHINGTON--(BUSINESS WIRE)--A study released today highlights strategies, policies and best practices that have been successful in creating an environment in which biotechnology innovation can flourish around the world.
The fifth edition of the Building the Bioeconomy report shows the correlation between economies with pro-innovation policy frameworks and those achieving strong biotechnology outputs. By examining 28 different indicators, the report provides a full and detailed analysis of the biotechnology environment for 33 countries from all major regions of the world.
“Regulations need to strike a balance that stimulates innovation without dampening broader economic efficiencies. More than in other industry, the interplay between biotechnology innovation and regulation has important social and economic implications,” said Joseph Damond, Executive Vice President, International Affairs at BIO. “As this report demonstrates, countries that are leading the biotech economy are the ones where forward-looking regulations encourage, not hinder, innovation.”
This data-driven report developed by Pugatch Consilium compares economies on over 20 policy inputs and biotech outputs showing how regulations effect success or failure in driving industry growth. Economies that have stronger environments with all enabling policy factors in place yield higher biotechnology outputs. Adopting a strong policy framework is key to reaping the economic and social benefit of this important industry.
“Designing policies to foster biotech innovation is not an easy task,” said Prof. Meir Pugatch, IPKM Chair, University of Maastricht and Managing Director, Pugatch Consilium. “To build a thriving biotechnology sector, whether it be agriculture, health or industrial applications, countries need strong intellectual property protections, a pro-innovation regulatory environment and robust technology transfer procedures. Funding research without establishing these elements is simply not enough. Countries should also think twice about so called mandatory localization policies and the over-riding of property rights including the issuing of compulsory licenses outside public health crises. Country experience suggests quite strongly that these policies are not effective in achieving the long-term goal of building a bioeconomy.”
The full report with Executive Summary is available for download at http://www.pugatch-consilium.com/reports/Building_the_Bioeconomy2018.pdf
BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.
About Pugatch Consilium
Pugatch Consilium (www.pugatch-consilium.com) is a boutique consultancy firm providing evidence-based research, analysis and intelligence on the fastest growing sectors of the knowledge economy.