France Biotech welcomes the national priority move but says it's not enough

French President Nicolas Sarkozy has offered his public support for the country's biotechnology industry by creating InnoBio and pledging funds of 139 million euros ($208.5 million) to the sector.

This is a good start but it remains insufficient, says France Biotech, the association of the contractors of the Life sciences. It says it 'is pleased with the interest of the President of the Republic for the biotechnology industry of biotechnologies, an independent measurement announced during the meeting of the Strategic Council of the Industrialists of Health (CSIS), on October 26 at the Elysee Palace.

After having submitted its proposals concerning the use of the state's National Loan (The Pharma Letter October 20), France Biotech wants the government to be particularly attentive with its oversight of the InnoBio funds because pharmaceutical companies, which are subscribers, could create a conflict of interest; and underlines the need for more important means for the biotech industry.

'It is a good start and we are charmed that the FSI [France's strategic investment fund] decided to invest with private investors in the young companies innovating at strong potential, priority engines of our growth. The fact that InnoBio is to be entirely directed towards the development of medicinal products is a strategic choice of this aim. If we wish to maximize our chances to succeed, the amount announced remains insufficient when it is known that more than 60% of the new drugs put on the market today are resulting from biotechnologies. It is necessary to be conscious that 140 million euros represent only 10 days of R&D expenditure for a great pharmaceutical group. We wait until the FSI goes further and is committed through more important direct investments in order to truly meet the stakes and needs for the industry of biotechnologies', says Andre Choulika, president of France Biotech.

The FSI-Biotech France partnership was announced on June 3, to promote the emergence of young companies of biotechnology. Its mission is to contribute to boost the French life sciences industry to the rank of leader in Europe. France Biotech is an engine of change which acts near the public authorities, of the economic organizations, academic research, the media and the community of the investors in particular, to support the emergence of biotechnologies like priority, and to improve economic environment, legal, lawful and managerial advanced technology industry of these companies.

This will be financed by the FSI with a maximum of 52 million (up to 37% of the entire amount) and to two thirds by nine industrialists, of which French drug major Sanofi-Aventis and UK giant GlaxoSmithKline will contribute 25 million euros each.