France Biotech has announced that it will use some of the funds raised by the French State's National Loan to develop therapeutic vaccines and invest in stem cell research.
The French association of life science companies and partners has announced that it will use government funds to invest in biotechnology, which the association sees as a major economic driver over the next 50 years.
Of the four high-priority sectors identified as requiring investment, therapeutic vaccines have been singled out as a market expected to double within four years.
To foster this sector, therapeutic vaccines will receive €800m in funding per year over five years.
Stem cells are also seen as key for drug development and regenerative medicine. As a result, this sector will receive €500m in funding per year over the next five years.
France Biotech also identified biofuels to receive €700m in funding per year over five years and complex implantable devices, which will receive €600m in funding per year over five years.
Other strategic priorities announced by the company include expanding France's National Research Agency (ANR) to promote academic research and restoring the budget given to OSEO Innovation and then tripling it to reach €2bn.
France Biotech chairman André Choulika said that France needs to seize its place in the leading pack of life science specialists.
"Our objective is to see funding focused on the major high-potential scientific and business sectors, in which France has the skills to be a global leader," Choulika said.