Bioprospecting gets a boost

A report tabled in parliament this week has recommended funding and a framework to develop the potentially lucrative business of bioprospecting in Australia.

The Standing Committee on Primary Industries and Regional Services made 22 recommendations on issues relating to the future conduct of bioprospecting in Australia in the report, Bioprospecting: Discoveries changing the future. "The potential for building new industries on the discoveries made from biological resources is huge," states the report. With 10 to 13% of the world's biodiversity, Australia is one of the 12 most diverse regions in the world.

Bioprospectors systematically search for valuable chemical compounds and genetic material in plants, animals and microorganisms. These are then tested for their pharmaecutical potential as new drugs. The report recommends increased funding for a number of areas of scientific research including flora, fauna and micro-organism collection for their taxonomic study. The report also recommends funding the compilation and publication of a natural resource database.