The government plans to invest more than $42.8 million over seven years to create a “Biodiscovery Platform,” Science, Innovation, and Technology Minister Dr Shane Reti announced.
It will allocate more funding to natural pharmaceuticals and bio-based products, with the goal of increasing exports in what is described as a “fast-growing” sector.
The Bioeconomy Science Institute, recently established, will take the lead.
“By harnessing New Zealand’s rich biodiversity, we can develop world-class, export-ready products in pharmaceuticals, cosmetics, functional foods, and advanced materials, creating jobs, growing businesses, and increasing our global market share,” Reti said.
Data from the New Zealand government reported that the market for bio-based products is projected to surpass US$300 million by 2027, with natural pharmaceuticals identified as one of the fastest-growing segments.
“This initiative enables New Zealand to capture a share of that growth by commercialising products rooted in our unique flora and fauna.”
Reti anticipated that the platform would create export opportunities for New Zealand businesses.
“With targeted R&D, we’ll help companies bring new, science-backed products to international markets, supporting regional development and building a stronger, innovation-led economy.”