17

been amended with an additional option which promotes the mainstreaming and integration of Blue Biotechnology into the currently existing policy framework relevant for biotechnology as a whole. The four broad policy options are as follows:  Option 1: Baseline scenario/no additional action option;  Option 2: Facilitation and promotion/soft measure: includes further promotion of currently ongoing initiatives (e.g. Marine Biotechnology ERA-NET) and promotion of synergies between the marine biotechnology subsectors e.g. via joint financing;  Option 3: Mainstreaming Blue Biotechnology: incorporating a specific blue biotechnology aspect into existing mechanisms e.g. financing tools; and  Option 4: Formal policy measures: defining and clarifying the sector using NACE codes, a register of activities, targeted funds and the international legal conditions. The policy options have been analysed in view of their ability to address the specific problem areas and their potential economic, social and environmental impacts have been assessed and compared. Based on the results a selected number of policy actions – ones perceived to have the most significant impact - within the options have been retained for further analysis. The analysis and comparison of options has shown that a combination of policy options 2 and 3 is likely to be the most effective, efficient and coherent when addressing the overall 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%) 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 billion 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 for 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 future R&D funding programmes already implemented or committed, especially so through the Horizon 2020 programme. Most importantly, the wider impacts of the sector`s development can result in numerous inventions benefiting the wider society – including those in the areas of health, food, pharmaceuticals and energy. Study in support of Impact Assessment work on Blue Biotechnology v

18 Publizr Home