Europe develops biotech
Ernst & Young: What Europe can offer biotech companies
Marina Artamonova, Public Relations Manager, Ernst & Young
European Governments should step up measures to ensure that the results of R&D are used to create new companies, goods and jobs. This conclusion is contained in the report What Europe has to offer biotechnology companies: unraveling the tax, financial and regulatory framework (what Europe can offer biotech companies in the field of taxation, financing and regulation), prepared by Ernst & Young and the European Association of Biotech Companies EuropaBio.
EuropaBio is a European association uniting companies in all areas of biotechnological R&D, testing, production and distribution (marketing) of biotechnological products. The Association has 54 corporate members, 6 associate members, two bioregions and 18 national biotechnological associations uniting about 1800 small and medium-sized enterprises.
Ernst & Young is an international leader in auditing, taxation, transaction support and consulting. The company's team consists of 152,000 employees in different countries of the world, who are united by common corporate values, as well as commitment to the quality of services provided. Currently, 4,000 specialists work in 18 offices of the company in Moscow, St. Petersburg, Novosibirsk, Yekaterinburg, Kazan, Krasnodar, Tolyatti, Yuzhno-Sakhalinsk, Almaty, Astana, Atyrau, Baku, Kiev, Donetsk, Tashkent, Tbilisi, Yerevan and Minsk.
More detailed information is available on the company's website.
The report notes significant differences in regulation and government policy regarding biotech companies in European countries, which has a significant impact on the success of their business and policy principles implemented in European countries. These differences are manifested both in the basic principles of economic policy and regulation that provide financing for startups, and in the possibility of stimulating entrepreneurs and attracting competent managers.
The EU Commissioner for R&D, Innovation and Science, Maire Geoghegan-Quinn, presented a report today at the EuropaBio Benefits of Biotechnology event dedicated to the development of biotechnologies, organized in the European Parliament on the initiative of MEP Francoise Grossett. The event, which brought together more than 120 specialists, was opened by the EU Commissioner for Health and Consumer Protection, John Dalli. The event discussed the contribution of biotechnologies to solving social problems such as providing the aging population with food and medical care, reducing the harmful impact on the environment, maintaining economic growth and preserving the (international) R&D center in Europe.
Stefan Kuhn, Head of Ernst & Young's Tax Consulting Practice in the EMEIA region (Europe, Middle East, Africa and India): "For the sustainable development of the biotechnology industry in Europe and the preservation of its competitiveness in relation to other regions, it is necessary to form uniform principles of taxation and regulation of SMEs in European countries. The report shows that the governments of a number of countries understand the importance of economic policies and programs that form a strong community of SMEs in the biotechnology sector, for example, through tax credits for R&D or preferential taxation of profits, but others have not yet followed their example. European governments, together with EU governments, should pursue policies that ensure affordable financing for SMEs engaged in the biotechnology sector."
The report is based on a study of government incentives for investors, entrepreneurs and researchers in the biotechnology industry and the challenges facing SMEs in 16 European countries. It provides a comparative analysis of tax incentives, opportunities to attract financing and receive benefits associated with the establishment of a startup in a particular country.
Thomas Saylor, Head of the SME platform created by the EuropaBio Association: "The report makes an important contribution to the discussion on the principles of economic policy that contribute to the economic growth of biotech SMEs in Europe and ensure that Europeans benefit from the development of biotechnology. There is a growing understanding in the European Commission and political circles of the importance of biotechnologies for the development of the European economy. In this regard, the report plays an important role in shaping the agenda of the political community aimed at creating an attractive environment for investors and entrepreneurs in the biotechnology sector."
On the Ernst & Young website, you can download the full text of the report What Europe has to offer biotechnology companies: unraveling the tax, financial and regulatory framework (48 s, 1.7 M pdf).
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29.03.2012