The report notes that the creation of the Biotechnology Sector Council, established in 2010 to coordinate and promote collaboration between the public and private sectors, has led to initiatives aimed at promoting and developing the industry, thereby fostering its growth.
It also explains that incentives were offered to attract foreign investment, including benefits such as exemption from the IRAE tax, for both established companies, new ventures, and companies that use local biotechnology suppliers.
According to the newspaper report, exports nearly tripled between 2010 and 2013; between 2010 and 2012 alone, 65 companies related to this sector had been identified (25 were involved in some form of biotechnology, and 15 were exclusively dedicated to the field).
For example, Laboratorio Genia, which generates US$300,000 in export revenue, established a new company, GeniaGeo, in 2012 for a project in Venezuela worth approximately US$11 million, and is now exploring other markets such as Brazil, Peru, and Ecuador.
According to Jorge Peverelli, president of the Uruguayan Biotechnology Association (Audebio) and an executive at Semillas Santa Rosa, the domestic market is also attractive. He explains that the goal is to replace part of the country’s biotechnology imports (US$239 million in 2013, according to data from Uruguay XXI) with local production.
Furthermore, Audebio reports that 70% of business owners saw an increase in sales volume in both domestic and international markets, while 65% expect sales to rise in the coming six months due to increased exports and the expansion into new markets.
Peverelli notes in the report that approximately US$17 million could be generated using the existing technical capacity, although Carlos Sanguinetti, academic coordinator of Biotechnology at Universidad ORT Uruguay in Universidad ORT Uruguay, indicated that the figure could reach US$50 million.
The article also emphasizes the importance of human resources for the industry’s successful development and mentions the possibility of pursuing a degree in Biotechnology Engineering or a Bachelor’s degree in Biotechnologyat Universidad ORT Uruguay a master’s degree in this field at the University of the Republic.