EU Commission worried about fall in biotech investment
Concern has been raised by the European Commission about a fall in European investment in biotechnology, which has matched the declining confidence of EU consumers in genetically modified products in general.
Concern has been raised by the European Commission about a fall in European investment in biotechnology, which has matched the declining confidence of EU consumers in genetically modified products in general.
Brussels' first progress report on its action plan for European life sciences says that 'urgent action' is needed to reverse this trend, especially as EU legislation has now been agreed regulating the development of GM technology and its potential adverse effects. The report warned that between 1998 and 2001, notifications for EU GMO field trials declined by 76%, for instance.
This has prompted European research Commissioner Philippe Busquin to warn: 'Now that legitimate consumer and environmental concerns have been tackled by strict EU legislation, it is time to reverse this downward trend. If we do not react, we will be dependent on technology developed elsewhere in the world within the next 10 years.'
The report said that a dip in biotechnology private investment was dangerous because it is much larger than public inputs.