The Barbados government has recently launched two initiatives to attract biotech companies to the island nation. According to Invest Barbados, the country’s economic development agency, the initiatives create a “state-ofthe- art laboratory for world-class research and development initiatives and the establishment of a regulatory authority to oversee biotech R&D to international standards.”
David Estwick, the nation’s minister of agriculture, food, fisheries, industry, and small business development, was quoted as saying that the initiatives will enable biotech companies to shorten the R&D approval process by more than a year. “Similarly, by providing government-owned land for the creation of a state-of-the-art biotech R&D center in a U.S. $20-million joint venture arrangement with the private sector, we will provide rental space for entrepreneurs seeking to develop new biotech products to pursue their visions,” he said. “Moreover, their efforts to grow and prosper in world markets will be protected by the strong intellectual property legislation Barbados already has in place, as well as our tax-efficient international business legislation.” See Invest Barbados Press Release, December 1, 2010.