The targets had been validated by Ernst & Young and were all realistic if the report recommendations were put in place, Falconer said.
"This is base camp," he said. It was now up to industry and the Government to work together and make it happen.
Funding and recruitment were the most pressing issues.
The report recommends that the Government actively recruit five key international scientists and entrepreneurs every year.
"Without scientists you can't have expanding science," he said.
The taskforce stopped short of calling for tax breaks.
That was partly because the Government did not have them on its agenda.
"We're not looking for tax breaks, although we could point to other countries which have them."
It was a case of looking at existing tax structures and applying them in a way that was user friendly for biotech companies, he said.
For example, allowing losses that are incurred during a company's start-up phase to accrue to investors rather than the company itself could be helpful.
The report received the thumbs-up from key industry figures.
"It's a very thoughtful report that calls for a lot of things and hits all the big ones," said Genesis Research chief executive Dr Jim Watson.
He was glad to see a push for more Government funding. The report calls for investment in biotechnology research to increase from $134.5 million now to $300 million over the next five years.
The Government would also be expected to contribute $50 million to a $200 million investment fund aimed at stimulating the commercial development of research.
Creating a single industry body was another positive step, Watson said.
Some other key points were the adoption of US Federal Drug Administration (FDA) standards, amending patent law to extend the patent life of New Zealand technology and funding Pharmac on a three-yearly basis, Watson said.
He was optimistic that the Government would accept most of the recommendations.
In a statement, Science and Technology Minister Pete Hodgson said it was "a high-quality report with bold recommendations".
The taskforce recommended that the Government review compliance costs associated with the industry on a biennial basis.
Over the next few months the Government will hold a series of industry briefings.
The final decision on the recommendations would be made by Cabinet this year, a spokesman for Pete Hodgson said.
Recommendations
Government and industry to recruit and repatriate five key scientists and entrepreneurs a year.
Funding for research to increase from $134.5 million to $300 million over five years.
Industry and the Government to set up a $200 million fund to stimulate the commercial development of research.
Government to undertake a broad study of sector's tax structure.
Pharmac funding set on three-year basis instead of annually.
Government to provide $450,000 a year for three years to set up a new industry body.
A biennial review of industry compliance costs.
Adoption of US Food and Drug Administration standards for clinical trials.
The creation of a non-profit organisation in the US to help fund New Zealand medical research.
Full text: Biotechnology report
Herald Special Report - February 18, 2003:
Knowledge Wave 2003 - the leadership forum
Herald Feature:
Knowledge Wave 2003 - the leadership forum
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