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implementation of the Nagoya Protocol in the context of the legal framework established by the UNCLOS. Nevertheless as with IP issues there is clearly a need for continued EU support as regards legal issues including with respect to the development of model ABS agreements, training and capacity building. This could in particular be provided through the development of detailed guidelines on the implementation of the Nagoya Protocol in maritime areas under coastal State jurisdiction taking into account the relevant provisions of UNCLOS. 3.5 Conclusions The sub-sectors of Blue Biotechnology (health, cosmetics, food, energy, aquaculture and marine environmental services) are diverse and dynamic. They are at different stages of development and have encountered different stages of growth. There is a huge array of potential products and services across all of the sub-sectors - which demonstrate the potential of the Blue Biotechnology sector. With regards to actual products and services currently on the market the selection is much less clear. This is illustrative of the view that Blue Biotechnology sector is considered a ‘young’ field of biotechnology. Furthermore, the health, cosmetics and food sectors are the largest ‘users’ of Blue Biotechnology and their products usually have to go through numerous trials and testing. Marine research infrastructures (MRIs) support marine biotechnology by improving knowledge, giving access to new resources and decreasing the risk of operations, thereby supporting the maritime economy and blue growth. Europe has an array of marine research infrastructures and there are a number of initiatives and networks in place which aim to coordinate their efforts and facilitate access to them. However, there it is still reported by stakeholders that Blue Biotechnology infrastructure is lacking. One conclusion is that Blue Biotechnology will not provide mass employment in Europe – at least not in the short- or medium future. However, the key people involved in Blue Biotechnology are groups of specialised, highly trained, researchers, innovators and entrepreneurs. The jobs are high end staffed by people who were expensive to train. The main economic contribution is likely to be from the value added derived from these attributes and intellectual property rights. Yet broader and potentially far- reaching socio-economic benefits could be derived from Blue Biotechnology applications and products in the fields of pharma, health, food, cosmetics and energy. SMEs are an important aspect of the Blue Biotechnology sector as they play a key role bridging the gap between research activities and commercialisation of products. SMEs tend to be focused at the earlier stages of the value chain, as for them it represents in many cases a cost chain (i.e. the cashburn stage before income-generation). They will typically be absent from the stage of industrial production of natural marine products, largely because of the high capital expenditure that is usually involved. Their involvement in the earlier stages focuses on identification, validation and de-risking of industrial opportunities from marine bioresources. They may work in collaboration with researchers at universities or institutes, and with larger industrial companies. Financing is a major issue for SMEs involved in marine biotechnology, as in other sectors. The fate of single-focus marine bioactives companies depends on success stories with a commercial outcome and, in the case of anti-cancer or other products, de-risking them by getting them into clinical trials, either alone or with a strategic partner, before cash-burn drains reserves and saps the patience of investors. Each sub-sector faces is own specific challenges and barriers. However, the study has focused above all on barriers common to all sub-sectors and unique to Blue Biotechnology. Barriers were identified through the research and prioritised through two stakeholder processes. The general Study in support of Impact Assessment work on Blue Biotechnology 53

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