In view of the EU's life sciences and biotech strategy mid-term policy review, the industry, EU institutions, and member states came together around a biotech policy round table on June 20 2006 to discuss the progress made, the changes needed and new policies required to guide Europe towards bio-economy. Bio-based economy stands for a vision of a society, which is not dependent on fossil fuels for energy and industrial raw materials, but uses bio-fuels made directly from plant/crop-based renewable sources.
In the event, the Commission presented the preliminary results of a study, currently being drafted by the Joint Research Centre (JRC), on the consequences, opportunities and challenges of modern biotechnology for Europe.
The joint industry, Austrian and Finnish Presidencies' press release on the event states that the implementation of the EU life sciences and biotechnology strategy, adopted in 2002, is advancing, but that EU biotech companies still have difficulties in raising risk capital to finance R&D, the development of the regulatory system varies across the member states and communicating biotech issues to citizens has proven difficult.
Friends of the Earth condemned the meeting held "behind closed doors and from which environmental NGOs were barred entry". The organisation has also criticised the upcoming report saying it "lacks independence and transparency".
