139 million fund for health biotechnology in France
Paris - French President Nicolas Sarkozy at the fourth session of the Strategic Council for Health Industries has announced an investment of €139 million ($206.5 million ) for the establishment of a biotechnology fund. The investment will combine input from medical industries at home and aboard, and France's strategic investment foundation, to support the development of medical industry and biotechnology research. The French pharmaceutical industry is committed to contributing the majority of the capital for the fund, stated a bulletin from the Elysee palace.
Sarkozy also hailed the commitment made by industry representatives that €60 million ($89.2 million) until 2012 will be spent on science research into life and health, according to another Elysee statement. There are about 400 biotechnology comapnies in France, employing roughly 20,000 people.
French Strategic Council for Health Industries, set up in 2004, is made up of government officials and leaders of medical enterprises. It aims to promote the competitiveness and influence of the French medical industry.