European Commission proposes 80 billion-euro investment in research and innovation

A package of measures to boost research, innovation and competitiveness in Europe, under the banner of Horizon 2020, were yesterday unveiled by the Europe Commission, a move that was welcomed by the pharmaceutical industry.

Commissioner for Research, Innovation and Science Maire Geoghegan-Quinn has announced the 80 billion-euro ($106.15 billion) program for investment in research and innovation. Commissioner Androulla Vassiliou has put forward a Strategic Innovation Agenda for the European Institute of Innovation and Technology (EIT), which will receive 2.8 billion euros of funding under Horizon 2020. In parallel, Commission Vice President Antonio Tajani has announced a complementary new program to boost competitiveness and innovation in small and medium-size enterprises (SMEs), with an additional budget of 2.5 billion euros. The funding programs run from 2014 to 2020.

Presenting Horizon 2020, Commissioner Geoghegan-Quinn said: "We need a new vision for European research and innovation in a dramatically changed economic environment. Horizon 2020 provides direct stimulus to the economy and secures our science and technology base and industrial competitiveness for the future, promising a smarter, more sustainable and more inclusive society."