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6 Conclusions 6.1 Conclusions The general objective of the study and of this report is to support the impact assessment process of the European Commission by providing information, data and specific analysis with the ultimate aim of deepening and further analysing the growth potential of the Blue Biotechnology sector. Information collection has been carried out using various means including desk-based research, analysis of public consultation (survey results) and interactive discussions with stakeholders (international workshop). Data and information gathered through these channels have been used to identify the:    overall and specific problems of the sector; overall and specific objectives of the sector; and key measures and initiatives that are relevant at the European level and could be carried out within the policy options to respond to the key problems of the sector. In order to respond to the overall problem of facilitating the development of the sector and allowing Blue Biotechnology to live up to its growth potential a number of individual policy measures have been identified and analysed in terms of their specific and overarching impacts and potential results. The assessment concluded that a combination of two policy options – namely Option 2 (soft policy option) and Option 3 (streamlining option) – would be the most effective and relevant to pursue in order to respond to the key problems of the sector. The two policy options contain effective measures addressing the researchers, private enterprises and the financial investors thereby facilitating and increasing collaborations as well as improving the potential of enterprises to develop and market commercially viable products. The combined impact of the proposed policy actions would – if well-designed and implemented - address the barriers specific to Blue Biotechnology in the EU. Opportunities provided by the financial instruments specifically targeting the growth of SMEs and the support of start-up companies in the field could contribute to a reduction of the brain-drain, especially so from the United States. The opportunities provided by bridging funds can effectively and directly support investment and aid private enterprises. Taken together, these actions would eliminate or at least address the reasons why the annual compound growth rate of Blue Biotechnology (currently 4-5%115) is less than that of biotechnology as a whole – currently up to 6-8%. Currently the European Biotechnology industry has an estimated annual revenue of € 15 billion116 while the Blue Biotechnology sector`s higher-end revenue generation is estimated to be around € 754 million. An estimated annual compound growth rate of Blue Biotechnology of 6-8% in 5 years could lead to an annual revenue generation of up to € 1 billion. This growth rate could effectively result in an increase in demand of high-end jobs as well as an increase of end-products. The employment increase in the Blue Biotechnology sector, given the ambitious overall growth rate, could amount to up to 10,000 additional work places in 5 years time. It would also help to boost the return on investment from previous, current and 115 116 Global Industry Analysts Inc. “Marine Biotechnology: A Global Strategic Business Report” 2011 Ernst & Young; Biotechnology Industry report 2013 Study in support of Impact Assessment work on Blue Biotechnology 83

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