Establishing a research-based biotechnology sector in Malta : a financial perspective

Abstract

Purpose: This study chiefly seeks to establish where the local research---based biotechnology scene currently stands with the scope of suggesting improvements in key areas according to best practices observed in leading foreign industries. This is primarily done from a financial perspective. Design: Primary data collection was conducted through semi---structured interviews with participants from across the biotechnology spectrum. Findings: were then adapted to five key areas, namely: Education, Intellectual Property, Funding, Infrastructure and Financial Aids and Incentives. Primary data was then compared with the relevant literature to serve as a basis for discussion, suggestion and conclusion. Findings The general findings from this study show that, although there have been a number of developments over the years; there is still a great deal of room for improvement. Current efforts appear to be unorganised and more significantly there is no specific national strategy for how the sector should be tackled. This gives rise to a number of issues in the key areas that must be addressed before one can expect progress. Conclusions: A decision must be taken, at national level, regarding whether there is sincere and genuine interest in this sector since the early stages of research activity cannot be expected to survive without government backing. Accordingly, there must be a corresponding level of financial commitment and a review of current initiatives and schemes. Value: This study addresses an emerging sector, which has not yet been given sufficient attention, even more so, from a financial point of view. When one considers the distinctive financial challenges research---based biotechnology entities are faced with, one may easily recognise that a lack of understanding will inhibit this sector. Consequently, this study recognises such issues and critically examines the current situation, thus effectively establishing a core appreciation for the sector and its financial implications.