The Institution of Chemical Engineers (IChemE) has welcomed the creation of a new innovation centre for industrial biotechnology (IB) to be hosted at the UK's
The centre will create 1,500 jobs over the next five years and is being funded by the
The centre is to be chaired by former IChemE president
Shott was also chair of the
IB involves the use of biological substances, systems and processes to produce intermediate and final products such as pharmaceuticals, chemicals, materials and energy - both cost-effectively and with minimal adverse environmental impact.
Though the industry is still in its early stages, it is estimated that the global market for IB will be worth Pounds150bn-360bn by 2025, of which
IChemE's chief executive, Dr
"The new innovation centre, which is supported by a strong partnership and package of investment, is warmly welcomed by IChemE and we look forward to giving it our full support."
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