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In the aftermath of the COVID-19 pandemic, the French government last year bet 7.5 billion Euros on an ambitious project to turn France into Europe’s health innovation magnet by 2030.
FREMONT, CA: In Europe, France is one of the most established hubs for biotech research. Leading life sciences research organisations like Institut Curie and CNRS, as well as powerhouse corporations like DBV Technologies, Cellectis, and AB Science, are located in the country. However, for a very long time, the United States and the United Kingdom have drawn a lot of French biotech expertise away from their homeland. For instance, previous to revisions in 1999, it was unlawful for French academic scientists, like all civil workers, to own shares in businesses that used their ideas; as a result, many of them relocated their operations elsewhere. The country has been trying to catch up ever since. The ability to translate life sciences research into goods was something France lacked for a very long time. The atmosphere has greatly improved over the past 20 years. But now is the moment to push harder. Like the rest of the world, the French life sciences community was shaken by the COVID-19 pandemic. The event that changed the globe revealed flaws in healthcare innovation and gave the life sciences sector a strong incentive to grow.
After the pandemic's initial waves, funding for biotech enterprises and venture capital firms increased like never before. Innovative technologies, such as messenger RNA (mRNA) therapies, have been used all across the world to create COVID-19 vaccinations that can save lives. However, although France's life sciences sector benefited greatly from the biotech boom, French players didn't rank among the top vaccine developers.
The initial disappointment that no French business had been able to develop a COVID-19 vaccine among the public and in government created a major debate about what needed to be done to push life sciences innovation to the forefront. There is still work to be done in France to raise awareness of the value of investing in healthcare, even without taking the epidemic into account. As a result of extended lifespans, there is an ageing population, and two-thirds of diseases continue to lack significant therapeutic advancements. Investors in France with the funds to invest in life sciences firms have a lot of opportunities.
The Healthcare Innovation 2030 plan is a 7.5 billion Euros (USD 7.9 billion) initiative that was started last year by the Emmanuel Macron-led French government to kickstart the life sciences sector. By 2030, the main objective is to make France the European leader in health innovation. The several tactics in use include developing hotspots for biotech innovation, accelerating the conduct of clinical trials, and streamlining the market access process for novel therapies. Additionally, there is a lot of focus on bringing the many French stakeholders together. The actual document, Healthcare Innovation 2030, was developed after conversations with more than 500 experts and stakeholders, including investors, businesses, public agencies, and hospitals. The idea also suggests founding a healthcare innovation organisation in 2022. This organisation is created to facilitate communication between various stakeholders in the life sciences sector to promote progress.
If France's aspirations to expand its biotech industry are successful, the rest of Europe might also benefit. To accelerate the introduction of innovative medicines to the EU market, the European Union has its pharmaceutical policy, which was introduced in 2020.