NEWS: Benefits of Genetic Engineering: Biotechnology next in line to be China's fastest growing industry
Interfax China
April 16, 2007
Here’s a great article excerpt from Interfax China about some of the benefits of genetic engineering…
Excerpt…
Shanghai. April 16. INTERFAX-CHINA - Biotechnology will become a key force behind China's quest in becoming an innovation-driven country, a science and technology ministry official said during a conference today.
Speaking at the three-day Life Science Partnering China & Europe Forum in Shanghai, director-general of the China National Center for Biotechnology Development, Wang Hongguang, predicted that biotechnology would become a new economic growth point for China over the next few years.
Wang has attributed China's upcoming biotech surge to the government-endorsed National Medium and Long term Science & Technology (S&T) Development Plan (2006-2020) launched earlier this year by the State Council. Under the plan, the government will make biotechnology its top priority within the science and technology sector over the next 15 years, with the bio-medical industry as a whole to follow.
Industry players are hoping China's bio-medical industry will develop with the same intensity as China's current IT sector.
"With the creation of a national biotech leadership group, the development of China's biotechnology and bio-medical industry has entered a new era," said Wang.
Wang said the development of China's biotechnology industry and the bio-medical industry as a whole had already made significant achievements.
Currently, China's bio-medical industry is growing at more than 20 percent, with more the 30 bio-medicines and vaccines on the Chinese market, and over 150 biotechnology products undergoing clinical trials.
Wang said China is fast becoming an ideal biotechnology center for foreign companies that are attracted to China's talent pool and the comparatively low costs of R & D.
"The average cost for laboratory animal research in China is about 20 percent of that of the United States and only 10 percent of U.S. expenditure for human resources is used in China," said Wang.
A recent survey on 12 newly-developed first class bio-medicines in China found that the average expenditure on R & D for each new drug was about RMB 100 million ($12.95 million), with the average R & D period for each drug at about 10 years, said Wang.
He said the average time for developing a new drug in the United States was also about 10 years, while the average R & D expenditure for each new drug was about $1 billion - around 80 times more than that in China.
"China is emerging as one of the largest markets for the international bio-medical industry," said Wang….
Read full article at Interfax China.
