Increased Funding Critical for Life Sciences in Europe

This is because of considerable opportunities offered by life sciences and biotechnology in healthcare applications. Underscored by these trends, Europe is witnessing several changes in the funding processes to ensure effective utilization of funds for life sciences research projects.

"In recent years, basic life sciences research has witnessed unprecedented advances,” noted industry analyst Sylvia Miriyam Findlay, from Frost & Sullivan (Palo Alto, CA, USA), an international growth consultancy company. "The human genome project, ‘omics' research, and the transition towards integrating systems biology will initiate a paradigm shift in the European life sciences funding landscape.”

The European Commission has undertaken several initiatives to take advantage of growth opportunities in the life sciences and biotechnology sector. The increasing trend of support for research in the areas of life sciences and biotechnology has been reflected in the implementation of the Sixth Framework Program (FP6). This program's goal is to promote competitiveness, innovation, and scientific excellence through integration and coordination of research efforts at all levels.

Whereas Europe possesses a strong scientific base, harnessing the full potential of life sciences and biotechnology is fundamental. To achieve this, manpower will need to be channeled successfully to optimize the benefits of the life sciences and biotechnologic developments. Furthermore, funding challenges hinder the move towards making Europe a knowledge-based economy. The varied nature of funding efforts in Europe complicates the ultimate aim of creating a unified research community across the region.

"Improper consolidation and channeling of various public funds is the primary issue confronting life sciences funding,” explained Ms. Findlay. "Hence, efficient utilization of funds and heightened public involvement is of critical importance. A constructive political and societal collaboration is vital to increase the involvement of public investment for basic research in Europe.”

Basic research funding needs to focus mainly on the integration of research activities at a pan-European level. Moreover, incubatory research centers across Europe have to be incorporated in the funding agenda. Such centers of innovation hold immense potential for innovations in life sciences.

While the European knowledge base is immense, it is inefficient in exploiting research outcomes. This highlights the importance of the increased participation of small and medium-sized enterprises (SME). The European Commission has taken various initiatives to increase SME participation. Strong industrial partnerships are vital for maximizing knowledge and expertise, which will result in advancements that can create a knowledge-based economy in Europe.



Related Links:
Frost & Sullivan