New Tech/ Bio Business/ Micro Nano Tech
Chancellor Gordon Brown is demanding that Britain becomes a centre of innovation in order to stay ahead of growing economies such as China and India . One way of doing this is investment in new technologies. Business investment in innovation is now being led by biotechnologies, and micro and nanotechnologies.
Nanotechnology is a field of applied science and technology. The main theme is the control of matter on a scale smaller than one micrometre, as well as the fabrication of devices on this same length scale. It is estimated that the global market for nanotechnology could be worth £1 trillion by 2013. In 2003, the Government announced £90 million to help industry harness the commercial opportunities of micro and nanotechnologies.
Britain is making sure it’s staying ahead in the field of biotechnology too. The UK 's biotechnology sector is second only to America. UK biotech companies spent £1.23bn on R&D in 2003. There are a number of ways that the Government through the DTI provides business support to the UK biotechnology industry.