Robson Matt: Questions for Oral Answer — Questions to Ministers Questions to Members 
Robson Matt: Questions for Oral Answer — Questions to Ministers Questions to Members 
[Volume:611;Page:8250] 
12.  
Hon MATT ROBSON (Deputy Leader—Progressive) 
 to the  
Minister for Industry and Regional Development 
: What commitment has the Government given recently to high-tech companies which meet the objectives of the coalition Government’s growth and innovation framework to establish New Zealand as a centre of excellence for innovative development? 
Hon JIM ANDERTON (Minister for Industry and Regional Development) 
: 
 On Monday it was announced that Investment New Zealand’s strategic investment fund will provide a $2 million guarantee for technology assistance support to Auckland biotechnology company Protemix. Protemix will apply to the Foundation for Research Science and Technology under its existing programmes and criteria and any difference between the available assistance from the foundation and the $2 million will be underwritten by Investment New Zealand. The deal will ensure that New Zealand retains and recruits the pool of scientists business people and scientific entrepreneurs it needs to participate fully in the global biopharmaceutical market—all objectives of the growth and innovation framework strategy. 
Hon Matt Robson 
: Why did Investment New Zealand get involved in this venture given that any investment in new research is by definition financially risky? 
Hon JIM ANDERTON 
: Protemix has attracted significant interest from venture capitalists to provide it with most of the financial capacity it needed to continue its drug-discovery development and commercialisation programme. The provision of the strategic investment fund underwritten to enable Protemix to complete its $2 million capital-raising programme allows control of Protemix its drug-discovery and development pipeline and its team of scientists to remain in New Zealand while allowing for international collaboration and partnering for commercialisation of its discoveries. 
Jeanette Fitzsimons 
: Is not Protemix’s new diabetes treatment an example of the widely supported well-tested laboratory-based biotechnology that New Zealand is good at and which has the potential to bring substantial economic gains to the country; if so why did the Government persist in wanting to undermine this success by pursuing other forms of biotechnology that threaten our health environment and economy? 
Hon JIM ANDERTON 
: The Government is supporting Protemix because it is an example of an innovative creative industry which holds significant promise not only to New Zealanders in the diabetes situation but to the world itself. I would have thought that for once the Greens could celebrate that fact with this Government and all New Zealanders. 
Hon Mark Gosche 
: What is the significance of the biotechnology sector to New Zealand’s chances of becoming a wealthier nation? 
Hon JIM ANDERTON 
: Biotechnology is one of the focus sectors of the growth and innovation framework because it has particular scope to add significant value to our already world-class primary sectors. In this case Protemix develops new therapies for diabetes and associated cardiovascular disease as well as for metabolic disorders. It has a number of diabetes-related drugs under development including one capable of generating annual revenue of NZ$1500 million or more for diabetic heart disease. The $2 million underwrite is reflective of this coalition Government’s commitment to expand significantly the biotechnology sector of New Zealand.