Experts say Irish biotech industry is growing

Ireland's biotechnology industry is expanding, according to leading experts.

A major conference will take place tomorrow in the RDS, Bio Ireland 2006, concerning the future of the sector.

Cormac Kilty is from the Irish Bio Association, which is hosting the Conference.

He said that Ireland has a low level of biotechnology companies when compared to the United States.

However, in comparison to other European countries, Mr Kilty said Ireland's industry is doing well, especially considering the size of the country.

The industry itself is divided into two parts; firstly the foreign investment the IDA seeks to attract from multinational companies, who are now beginning perform research and development in Ireland.

Secondly, there is the indigenous industry, which is significantly smaller.

Mr Kilty said that Government investment has increased in the past five years which will help the industry expand in the future.