Enterprise Ireland reveals biotechnology strategy

The Tánaiste has launched Building Biotech Businesses, a strategy by Enterprise Ireland to develop Ireland's biotechnology and life sciences industry.

Ms Harney also announced details of Ireland's first venture capital fund dedicated solely to the biotechnology sector.

The fund is a partnership between Enterprise Ireland and Seroba BioVentures. The fund has a target size of €25m. It has already completed a first round closing of €15m and €7.5m has been provided by Enterprise Ireland under its seed and venture capital initiative.

It will be managed by Seroba BioVentures.

The Tánaiste said: "Biotechnology is predicted to be a major basis for economic growth in the 21st Century."

She said that while the current state of the indigenous industry is small, she predicts that, within five years, the number of companies will have increased from 21 to 60 and the number of people employed in the sector from 400 to 1800.