French govt to boost biotech industry

The French biotechnology industry association, France Biotech, says thatthe country's government has adopted its recommendations in its draft finance bill for 2002. The proposals in Plan Biotech 2002, backed jointly by France Biotech and an association of entrepreneurs, Objectif 2010, are aimed at facilitating the creation of biotechnology start-ups and accelerating the growth of existing companies. It is expected that these will become law in time for implementation next year.

The Minister of Finance, Laurent Fabius, designated biotechnology as a strategic priority for France. The new government measures will boost the growth of mature biotechnology companies as well as the initial funding of start-up firms and will encourage French, European and US investors to make large investments in France. In the longer term, France Biotech expects the measures to contribute to a renewal of the country's overall health care industry. The country's pharmaceutical sector is currently worth around 300 billion euros ($272.6 billion).

Proposal is expected to result in 500 million direct investment