Invest in Spain Business Opportunities in Biotechnology, Pharmacy and Life Sciences.

Invest in Spain: Business
Opportunities in
Biotechnology, Pharmacy
and Life Sciences
EuroMedtech 2010
Medtech Partnering Conference
June 1-2, 2010
Bárbara López Gómez

Investor Services Manager
E-mail: blopez@investinspain.org
General Contents
Why Spain?
The healthcare technology sector
Business opportunities
Main reason to invest in Spain
About Invest in Spain
2
Why Spain?
Why Spain?
“Spain is fast becoming a leader in innovation, generating advanced

solutions in the industries of aerospace, renewable energy . . .
biotechnology . . . and civil engineering. Spanish firms are
innovators in the field of public-works finance and management, where
six of the world’s top ten companies are from Spain. Where innovation
thrives, so will the successful global enterprises of the 21st
century”.
Technology Review (a magazine), Massachusetts Institute of Technology (MIT)
“The plan is to have the premier research talents . . . it's clear that
the Andalusian and Spanish levels in this area are extremely high,
so they will certainly have a place in CITRE”
Chelsey Flaherty, a Celgene executive, referring to the creation of her company's European translational research centre (known as
CITRE) in Seville.
Source: www.genomeweb.com; www.technologyreview.com
4
Why Spain?
Solid Basic Science: Spain is 5th worldwide in scientific

production, especially biochemistry and molecular biology.
Integrated Healthcare System: Spain has an extensive

network of university hospitals, both public and private, backed
by leading-edge research centres. The system is ideal for
translational medicine and discovering new drugs and advanced
therapies.
Emerging Biotech Industry: biotech companies are growing

faster here than in other countries. Spain is providing strong
support for the surge in biotechnology and its lateral application
to other sectors.
Strong Government Support: Spain’s technology fund is

focused on providing foreign companies with financial aid. Private
investment will achieve higher returns with the help of subsidies
and public sector aids.
5
Why Spain?
Excellent infrastructure for innovation: exponential growth of

science and technology parks, research centres and institutes of
technology. Spain’s infrastructure also incorporates the latest
technology for life science projects.
Highly qualified workforce: in some areas of Spain the

percentage of workers with post-graduate studies is higher than
the European average. There is a surplus of talent for competitive
and innovative projects.
Favourable cost-benefit ratio of human capital: the cost per

hour is less than average for EU25. Salaries are lower but the
attraction of working on scientific or biotech projects is high
because there are few innovative jobs.
Excellent quality of life: Spain is one of the top 10 countries in

terms of quality of life and is constantly chosen by foreigners as a
place to live and work. Apart from its stability the services
available and the business environment attract many foreign
companies.
6
Why Spain?
World leader in organ transplants

Spain is the top country worldwide in organ donations
and transplants.
Spain participates in various international projects via the

Spanish National Transplant Organisation (ONT in
Spanish).
Spanish Transplant
Organisation (ONT)
In 2008 the WHO designated the ONT as a

collaboration centre for organ donations
and transplants.
Source: Website of the Spanish Transplant Organisation www.ont.es
7
Why Spain?
Availability of government support

Company Initial
value investment
Public financing Venture Capital $100m $4m (private)
Basic Science Bio start-up Licensing/OPI
Company Initial
Public financing Public financing value investment
$100m $3m (public)
Venture Capital
$1m (private)
A start-up in the US must find 100% of its financing in the private sector. However in Spain
up to 75% of the initial investment can be covered by government financing and only 25%
by private investors*.
The Spanish government offers low-interest credits and incentives

during the start-up and growth phases of life science companies.
* R&D Programme for 2008-2011, MICINN, CDTI and other sources.
8
Why Spain?
Availability of government support

A success story in Spain: *
Midatech Biogune has chosen Spain to set up a nano-biotechnology design and

development centre:
“. . . in addition, strong financial support by technology parks and the local authorities
convinced us to set up in Bilbao . . .”, Justin Barry, CEO, Midatech Biogune.
Alternatives to government financing: Bioenterprises
Enter the Spanish life science market via a

technology park.
Direct application for seed capital and/or Spanish
Technology Research
Public
expansion capital (NEOTEC). Parks
Support
Centres
Participate in a consortium of various

companies in the sector (CENIT,
CONSOLIDER).
Set up collaboration projects in conjunction
with research centres and universities. Universities
* Interview with Invest in Spain
9
Spanish healthcare technology sector
Healthcare Technology
The healthcare technology and medical devices sector

Main segments and companies
Principal technology developed in Spain
Future trends in development of technology
Multidiscipline centres in healthcare technology in Spain
11
Healthcare Technology: overview
The healthcare technology market

In 2008 this sector invoiced about €6 billion.
It comprises more than 1700 companies.
Job creation
The healthcare technology sector employs
more than 30,000.
Source: FENIN annual report 2008.
12
Healthcare Technology: overview
Exports are growing

In 2008 the value of exports surpassed €1.3
billion.
They increased 5% compared to 2007.
Important trade partners
The target market is still the rest of the

EU, which takes 70% of exports.
Argentina, Mexico, Czech Republic and

America are playing an increasingly
important role as big importers of Spanish
technology and products.
13
Healthcare Technology: main segments
and companies
Cardiovascular, neurosurgery and

pain prevention
23 companies with considerable ability to
innovate in technology.
Actively developing new products for minimally
invasive surgery.
Main companies in Spain

Foreign Spanish
14
and companies
Dental segment
Fabrication, distribution and marketing of dental
equipment and materials.
Strong presence in the private sector thanks

to the character of the Spanish market (dental
care is mainly private).

Foreign Spanish
15
and companies
In vitro diagnostics segment
This comprises 39 companies that participate in a
market that rose 6.9% to €970m.
Development and marketing of chemicals, instruments

or devices to make in vitro examinations of human
samples

Foreign Spanish
16
and companies
Electromedicine segment
This includes 46 companies that produce and distribute
electronic and computerised technology with applications
in anaesthesia, cardiology, medical imaging, monitoring
and medical information systems.
In 2007 this market was estimated at €392m or 0.45%

of total healthcare spending in Spain.

Foreign Spanish
17
and companies
Implant segment
Between manufacturers, distributors and retailers,
27 companies participate in this segment.
They are constantly innovating, especially in
minimally invasive surgery.
18
and companies
Ophthalmology segment
The top 10 companies in this segment account for
80% of turnover.
The ophthalmology market in Spain is about

€386m.
The participants are constantly innovating to make

the most accurate and effective means of diagnosis
and treatment for ocular pathologies available to
doctors and patients.

Foreign Spanish
19
and companies
Disposable healthcare products segment
Manufacturers and suppliers of healthcare products
designed to be used only once.
These products are sold to primary care centres, hospitals,

clinics, private consulting rooms, pharmacy and
parapharmacy shops and other retail outlets.

Foreign Spanish
20
Healthcare Technology: main Spanish
technology
Diversified Spanish market
Summary of the main technology and healthcare applications in Spain:
Image
diagnosis
Minimally
Dental
invasive
products
surgery
Spanish
healthcare
technologies
Disposable
Orthopedic
healthcare
devices
products
Biomaterials
Source: The Medical Device Market: Spain, 2009
21
and companies
Spain is centring its efforts strongly on technology related to
minimally invasive surgery (MIS)
We are creating technology platforms that will foster the MIS segment, helped by regional
government initiatives.
Multidisciplinary teams are emerging that offer innovative products and services for this
new type of surgery.
Surgery Techniques
• Pediatric surgery, urology, ginecology
• Traumatology, plastic surgery, orthopedic, etc.
Medical devices
• Needle driver, fixation system
• Remote catheter, prosthesis, plates, etc.
Biomaterials
• Bone cement, artificial ligaments
• Capillary vessel prosthesis, artificial skin, etc.
22
Healthcare Technology: multidiscipline
centres in healthcare technology
Minimally invasive surgery (MIS) will likely be fully implemented
in Spain in the next five years
The main multidiscipline centres with innovative MIS and healthcare technology projects
are:
CCMIJU is the sponsor behind the healthcare complex
(Ciudad de la Salud) in Caceres, Extremadura. This complex
combines various aspects such as scientific development,
technology transfer, a high degree of medical specialisation
and access to public and private finance. The goal is to
attract MIS and healthcare technology business projects.
The Canary Islands Institute of Technology has

multidisciplinary teams:
• IT architects
• biomedical engineers
• medical teams
• virtual systems
The Biotechnology Institute (BTI) is a pioneer in the

design and fabrication of dental implants. In addition it plays
a prominent scientific role worldwide in tissue regeneration
via plasma rich in growth factors (PRGF).
23
Business Opportunities in the
Spanish Life Science Sector
Investment opportunities in biotechnology, pharmacology and

life sciences in Spain
Spain is currently one of the world’s leaders in

Bioenergy renewable energy, especially biofuels.
Important traditional sectors such as food, textiles and

Industrial packaging have obtained excellent returns by
Bioprocesses implementing bioprocesses on their production lines.
The need to adapt to European standards in order to

Food Quality and export food products has spawned an entire network of
Biosafety companies in Spain in the food safety and quality area.
The extensive acceptance of functional food in Spain

Functional Food means the market is growing continuously.
25

Current methods and production processes are expected to

be insufficient to cover the pharmaceutical sector’s
Biopharming growth. Biopharming could help to cover the surplus
demand with low cost production processes.
The demand for prevention, control and treatment

systems for animal health have increased
Animal Health significantly. Furthermore consumers are calling for
reliable and detailed information on the origin of the food
they eat.
Thanks to the widespread application of marine

Marine biotechnology in various sectors, Spain can offer foreign
Biotechnology investors a substantial number of potential customers in this
area. They include companies in the broader pharma sector.
26

Spain has advanced centres, both private and public, for
Advanced the development of new technologies in the field of
Therapies advanced therapy for different types of illness.
In fact Spain offers a fecund environment based on its

Oncology integrated healthcare system and easy access to patients
for innovation in oncology.
Furthermore several Spanish pharmaceutical companies

have commenced innovative projects in the field of
Nanomedicine nanomedicine, including those connected with the
Nanofarma Project.
Foreign firms have access to an extensive biomedical

Personalized research and practice network including numerous hospitals
where they can obtained genetic samples and carry out
Medicine clinical trials on new drugs and therapies.
27

The over-65 population is growing rapidly and predictions
Ageing Medicine say Spain will eventually be the country with the highest
proportion of senior citizens in the world.
Moreover the Spanish generics market is currently growing

Generics and at about 20% per year. The reasons for this growth
Biosimilars include government support and promotion by the
companies concerned.
The high quality-cost ratio of clinical testing in Spain is

a very attractive feature of the local market compared to
Clinical Trials other European countries. There are many under-served
niches in the hospital market – such as hospitals specialising
in surgery.
Spain is becoming a centre of innovation in which IT

Healthcare personnel, biomedical engineers and doctors have
joined forces to develop new technologies with high added
Technologies value.
28

There is a bioinformatic services research and application

Bioinformatics network led by the Spanish Bioinformatics Institute,
which is established in key areas of the country.
Spain is going through a cultural shift with respect to

Venture Capital venture capital profits for small and mid-size companies.
29
Main reasons to invest in
Spain
International Business Hub

Incentives programmes
Human capital
Ultra Modern Transport Infrastructure
Taxes
Competitive operating costs
Quality of life
Privileged Geo-Strategic position
Access to 1.3 billion

customers
FREE ACCESS TO THE WORLD´S

LARGEST MARKETS (EU-27)
•High GDP per capita (over

$30,000).
•More than 500 Million
consumers.
•Advanteges to operate in EU:
•Intra-European duty free
market.
•The free movement of
goods & services, capital and
persons.
•Single currency: EURO.
IDEAL HUB TO DO BUSINESS WITH NORTH AFRICA:
Bilateral Treaties signed with North Africa countries:

•4 Agreements to Avoid Double Taxation (Egypt, Morocco, Algeria,
Tunisia).
•5 Agreements for Protection And Promotion Of Reciprocal
Investments (Algeria, Egypt, Libya, Morocco, Tunisia).
• Euro-Mediterranean
Association Agreements
with Egypt, Israel, Jordan,
Lebanon, Morocco, Tunisia
and Algeria for the gradual
liberalization of trade in the
Euro-Mediterranean Association Agreements
Mediterranean area.
Agreements for Agreements to
Protection and Avoid Double
Promotion of Reciprocal Taxation
Investments
IDEAL HUB TO DO BUSINESS

WITH LATIN AMERICA:
•Bilateral Treaties signed with
Latin America countries:
•11 Agreements to Avoid
Double Taxation (Argentina,
Bolivia, Brazil, Chile, Colombia, Cuba, El
Salvador, Ecuador, Mexico, Trinidad &
Tobago, Venezuela).
•19 Agreements for

Protection and Promotion
of Reciprocal
Investments (Argentina, Bolivia,
Colombia, Costa Rica, Cuba, Chile, Ecuador,
El Salvador, Guatemala, Honduras, México,
Nicaragua, Panamá, Paraguay, Perú, Rep.
Dominicana, Trinidad and Tobago, Uruguay
Agreements for Agreements to
and Venezuela). Protection and Avoid Double
Promotion of Taxation
Reciprocal Investments
•Excellent communications and infrastructure: Madrid concentrates

around 35% of total air traffic between Europe & Latin America.
Favourable fiscal system for foreign investors and R+D activities:
•And the 2nd most favourable fiscal incentives for R&D among OECD
countries for large companies and SMEs.
Rate of Tax Subsidies for R&D, 2008
Note: Tax subsidies are calculated as 1 minus the B index. For example, in Spain, 1 unit of R&D expenditure by large firms results in 0.349 unit of tax relief.
Source: OCDE, Sep. 2009
...and generous and attractive Grants & Incentive Schemes
...not only for R&D activities, but also for:
Hiring and training of workers

New business star-ups
SME’s
Internationalization
Renewable energies
Tourism
Incentives search engine

available on our web
www.investinspain.org
Human capital
Highly skilled labor force

Spain ranks 3rd in Europe in ratio of number of persons with a scientific/technical
tertiary education, just behind Finland and Denmark.
Human Resources in Science and Technology with tertiary

education
12,000,000 20%
10,000,000
Ratio HRST / Population

15%
8,000,000
HRST
6,000,000 10%
4,000,000
5%
2,000,000
0 Denmark 0%
Romania
Germany
Turkey
Czech Republic
Portugal
UK
Belgium
France
Poland
Greece
Finland
Slovakia
Estonia
Luxembourg
Iceland
Malta
Italy
Netherlands
Hungary
Cyprus
Spain
Bulgaria
Lithuania
Slovenia
Latvia
Austria
Sweden
Switzerland
Source: Eurostat, 2009. HRST Aged 25-65 Ratio

Human capital
Labour costs more competitive than main European economies.
Comparability of IT staff Labor Cost within the EU Countries
IT Salary Comparison (€)

60000
50000
40000
30000
20000
10000
0
d
lic
s
ly
d
y
om
k
en
e
um
ce
ria
n
nd
n
ar
wa
n
an
ec
Ita
ai
ub
la
la
ed
an
st
gd
i
Sp
m
la
lg
nl
re
sh
or
Ire
Au
p
Sw
Fr
en
er
Be
Fi
Re
G
N
t
Ki
eu
h
D
et
ch
d
D
te
ze
ni
C
U
Experienced (5-9 year experience) Junior (1-4 year experience)
Source: IDC based on payscale 2008

Note: IDC applied the average 2007 euro pound exchange rate which depreciates UK salaries
Railway Network
Spain is the 2nd largest High-
Speed Network in the EU with
1,600 km (9,131 miles)
Spain will be the European
leader in 2010.
Airport Network
250 airlines have scheduled

flights, operating out of the
country’s 49 airports, being
Madrid and Barcelona the
main hubs.
39
Highway Network
Spain is the 2nd largest EU
highway network with 14,689
km (9,131 miles).
At the end of 2010, Spain will be
the European leader.
Main Port Facilities

Excellent maritime connections,
with 53 ports on both the Atlantic
and the Mediterranean coasts,
putting Spain in 4th, with 3 ports
among the Top-10 ports of
containers in Europe
(Barcelona, Algeciras and
Valencia). 40
Taxes
•Favourable tax rate on corporate income (30% and 25% for SMEs), under the USA and
OECD average.
•An attractive allowance and deduction system in corporate tax (18,4% effective rate).
•One of the lowest VAT within EU countries (16%), with a reduced VAT of 7%. On July,
the VAT will increase up to 18% and 8% respectively, as a way to reduce the deficit.
Statutory tax rate on corporate income (%), 2009
45 39
40 34,4 34
35 32,5 31,4 29,8 28
30 25*
25
20
15
10
5
0
*For qualified SMEs, Corporate Tax will
be 20% for the first 120,000€ and
25% onwards.
For non SMEs the corporate tax is
30%.
Source: Invest in Spain, from data provided by Eurostat, 2009.
Competitive operating costs
Hourly labor cost. 2006 Office Utilization cost (€/year an m2)
2100,0
35,0
1800,0
30,0
1500,0
25,0
1200,0
20,0
15,0 900,0
10,0 600,0
5,0 300,0
0,0 0,0
H. Kong
N.TYork
TYork
Bombay
London
Dublin
Madrid
Milan
Tokyo
Kuwait
Dubai
Seoul
Paris
Moscow
Sweden
France
EU-25
Belgium
Czech R
Austria
Spain
Hungary
EU-15
Poland
Portugal
Source: Eurostat 2008

Source: Eurostat 2007
Electricity prices for industrial use (€ cents/Kwh) Cost of life, 2007 (N. York =2007)
140,0
12,0
120,0
10,0
100,0
8,0
80,0
6,0
60,0
4,0
40,0
2,0
20,0
0,0
Luxemb.
UE-15
France
UK
Ireland
Germany
Spain
Portugal
0,0
Netherland
Belgium
Italy
Moscow
Paris
Dublin
N.York
Amsterdam
Milan
Tokyo
Madrid
Barcelona
Frankfurt
London
Source: Eurostat 2008 Source: Cost of Living Survey 2007, Mercer Human Research Consulting
Quality of life
Expatriate friendly climate
The Economist ranks the quality of life in Spain third in the world in terms
of a set of social, political, cultural and economic parameters
Spain was chosen in 2007 as the best place to live and to work in by
European CEOs (Source: The Financial Times)
Largest number of International Schools in Europe (Source: European Council

of Int’l Schools)
Outstanding & modern health system with very high standards
Favorable fiscal regime for expatriates
High employee retention
Law enforcement: Assurance & stability in business and social life
Excellent climate, first-class gastronomy, wide range of cultural and

leisure activities
Quality of life
Friendly environment for expats
Spain is the 2nd country in Europe in terms of quality of life for

expats.
Joining with local community groups

Organising school for my children
Learning the local language

Overall (without language)
Finding somewhere to live

Organising my healthcare
Organising my finances
Education/childcare
Setting up utilities
Households goods
Made local friends
Commute to work
Quality of health
Making friends
Working hours
Entertainment
Accomodation
Healthcare
Family life
Transport
Social life
Clothing
Hobbies
Utilities
Food
1 France 7 8 23 17 14 10 18 15 9 5 10 1 17 8 8 13 7 1 7 12 4 12 9 4 12
2 Spain 9 18 10 9 7 11 12 8 8 13 14 6 18 12 13 21 20 8 19 4 5 5 6 1 7
3 Germany 12 21 13 10 18 19 23 12 21 21 6 11 21 3 11 2 5 5 15 3 9 13 1 6 19
4 Switzerland 13 16 5 15 26 12 24 6 22 10 11 18 23 1 25 10 9 3 18 11 1 25 3 2 5
5 Belgium 15 2 17 14 9 9 16 25 23 14 20 8 20 6 6 18 15 2 10 9 20 26 20 18 23
6 Netherlands 17 19 16 20 20 24 25 19 18 11 19 19 18 5 18 19 11 12 5 1 14 21 11 11 20
7 United Kingdom 23 24 19 26 22 2 20 17 13 20 26 23 1 15 2 14 17 23 22 16 25 19 26 24 22
Source: HSBC Bank International, Expat Explorer Survey 2009,.
44
Quality of life
Two Spanish cities consistently rank in the top 5 of 30 in terms of quality of

life for employees, reviewed annually
EUROPEAN CITIES RANKING ACCORDING TO QUALITY

OF LIFE FOR EMPLOYEES
City Rank 2007
Barcelona 1
Geneva 2
Madrid 3
Paris 4
Stockholm 5
Munich 6
Zurich 7
Oslo 8
Amsterdam 10
London 11
Dublin 13
Rome 15
Leeds 19
Manchester 23
Glasgow 24
Source: Cushman Wakefield Healey & Baker, European Cities Monitor 2007
Quality of life
Friendly environment for expats

FINANCIAL TIMES
Barcelona and Madrid are Monday February 19 2007
among Top-10 European cities
for doing business
(European Cities Monitor 2009)
Spain ranks the 3rd in the

world in terms of quality of life
(The Economist )
Spain is the 2nd European

country in terms of healthcare
system
(HSBC Expat Explorer Survey)
46
THE ONE-STOP SHOP FOR INVESTORS IN SPAIN.
Invest in Spain is the leading government organization that

supports foreign companies seeking to set up or expand
their business in Spain. We are a ONE-STOP-SHOP for
investors.
We provide comprehensive, efficient and confidential

consultation at no cost during all stages of the investment
process, from planning and evaluation, to start-up and post-
investment services.
Our services include tailor-made reports, analyses and

information about issues such as tax rules, availability of
grants and incentive and help with project cost appraisals.
We guarantee professional guidance by assigning a
dedicated project manager to each project.
Investor
Services
Pre-Installation Installation Operation Expansion Relocation
Benchmarking Support to new strengthening

Growth Retention
& Attraction invertors of loyalty
Up-to-date Practical Organization Provision of Planning for

information pointers for of visits to institutional retaining
doing business potential contacts investments
Market studies sites
Availability of Fostering Relocation
Spanish offer grants and Identification expansion studies (within
incentives of partners Spain)
Network
Help with cost Finding development
appraisals specialist
advisors
Help with
licences &
permits
98 Trade Commissions in
Spanish Embassies
worldwide
Our support network abroad consists of 98 Trade

Commissions in Spanish Embassies worldwide.
We take your
business further
www.investinspain.org
For further information please contact:
Bárbara López Gómez

Investor Services Manager
Email: blopez@investinspain.org
Thank you very much

Invest in Spain Business Opportunities in Biotechnology, Pharmacy and Life Sciences.

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Direitos autorais:

Invest in Spain Business Opportunities in Biotechnology, Pharmacy and Life Sciences.

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Invest in Spain: Business

Bárbara López Gómez

The healthcare technology sector

Main reason to invest in Spain

About Invest in Spain

“Spain is fast becoming a leader in innovation, generating advanced

Source: www.genomeweb.com; www.technologyreview.com

Solid Basic Science: Spain is 5th worldwide in scientific

Integrated Healthcare System: Spain has an extensive

Emerging Biotech Industry: biotech companies are growing

Strong Government Support: Spain’s technology fund is

Excellent infrastructure for innovation: exponential growth of

Highly qualified workforce: in some areas of Spain the

Favourable cost-benefit ratio of human capital: the cost per

Excellent quality of life: Spain is one of the top 10 countries in

World leader in organ transplants

Spain participates in various international projects via the

In 2008 the WHO designated the ONT as a

Source: Website of the Spanish Transplant Organisation www.ont.es

Availability of government support

Basic Science Bio start-up Licensing/OPI

The Spanish government offers low-interest credits and incentives

* R&D Programme for 2008-2011, MICINN, CDTI and other sources.

Availability of government support

Midatech Biogune has chosen Spain to set up a nano-biotechnology design and

Alternatives to government financing: Bioenterprises

Enter the Spanish life science market via a

Participate in a consortium of various

* Interview with Invest in Spain

The healthcare technology and medical devices sector

The healthcare technology market

It comprises more than 1700 companies.

Source: FENIN annual report 2008.

Exports are growing

They increased 5% compared to 2007.

Important trade partners

The target market is still the rest of the

Argentina, Mexico, Czech Republic and

Cardiovascular, neurosurgery and

Main companies in Spain

Source: FENIN annual report 2008.

Strong presence in the private sector thanks

Main companies in Spain

Source: FENIN annual report 2008.

Development and marketing of chemicals, instruments

Main companies in Spain

Source: FENIN annual report 2008.

In 2007 this market was estimated at €392m or 0.45%

Main companies in Spain

Source: FENIN annual report 2008.

Main companies in Spain

Source: FENIN annual report 2008.

The ophthalmology market in Spain is about

The participants are constantly innovating to make

Main companies in Spain

Source: FENIN annual report 2008.

These products are sold to primary care centres, hospitals,

Main companies in Spain

Source: FENIN annual report 2008.

Source: The Medical Device Market: Spain, 2009

The Canary Islands Institute of Technology has

The Biotechnology Institute (BTI) is a pioneer in the

Investment opportunities in biotechnology, pharmacology and

Spain is currently one of the world’s leaders in

Important traditional sectors such as food, textiles and