Biotech almost $1b business

Biotechnology is edging ever closer to becoming a $1 billion New Zealand industry.

Statistics New Zealand reported yesterday that income from biotechnology for the 2005 financial year was $811 million compared to $675 million in 2004.

Contributions were divided among the private, public and higher education sectors.

Workers in the biotechnology sector increased by 160 to around 2400. Of the biotechnology techniques used by New Zealand organisations in 2005, 66 per cent were at the research and development (R&D) stage. The most common technique overall was fermentation and bioprocessing.

In the two years to June 2005, 190 biotechnology-related patents were granted to New Zealand organisations.

- NZPA