German biotech medicine market has grown by 8% in 2017 | Finance and Markets

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The German biotech medicine market has grown by 8% to a record 4 billion EUR (5 billion USD) last year, according to data released today by EY consulting firm. Over 600 biotech companies, including Evotec, Medigene and Morphosys, are active in the industry, with researching of medicines against cancer being central. The employment in the industry has increased by 12% to almost 26,000 people.
Although a record 627 million USD worth of funding has been achieved, mainly by launching new shares of established companies, there has been a slight decline in venture capital investment in start-ups.
Only eight new firms have been created, and research and development funds have fallen by 3% to 1.2 billion EUR.
By comparison, companies in the US and other European countries reported a sharp increase in investment. Germany is lagging behind in this sector after France, the UK and Switzerland.
Moreover, the UK venture capital funding for biotech was much more robust, totaling 134.9 million GBP since the beginning of the year and was dominated by London-headquartered gene therapy specialists Orchard Therapeutics.