Biotechnology plays critical role in New Zealand's economy, says new report

New Zealand's biotechnology sector "is in great shape" and continues to play a critical part in the country's economy, contributing NZ$300.0 million to NZ$400.0 million ($206.3-$275.0 million) each year," according to the New Zealand Biotechnology Industry Growth report.

The study is a comprehensive analysis of the New Zealand biotechnology industry by international research company LEK Consulting, and ultimately will provide a robust baseline to measure the growth of this emerging sector. It was commissioned by the Ministry of Research, Science and Technology (MoRST), New Zealand Trade and Enterprise (NZTE) and NZBio, the country's national biotechnology industry body.

Key findings show expenditure on biotechnology increased 20% between 2004 and 2005 to $640.0 million, with biotechnology export revenue increasing 30% over the same period. The biotechnology industry now employs more than 2,200 people in New Zealand. While the country's natural strengths in primary industries, forestry and horticulture shine through, it has a balanced biotechnology portfolio with an increasing focus on medical devices and diagnostics, human health applications and industrial biotechnology, the report notes.