CONPES Nº 3697 Policy for the commercial development of biotechnology based on the sustainable use of biodiversity

The policy seeks to establish a framework that allows the sustainable use of biodiversity, focusing on biological and genetic resources and their derivatives. The intention is to attract both public and private investments to promote innovative companies and products in sectors such as cosmetics, pharmaceuticals, agri-food, and others. To achieve these objectives, several strategies are proposed: First, improve institutional capacity to facilitate the commercial development of biotechnology. This involves coordinating actions between various government and private entities to create a favorable environment for biotechnology. Second, develop economic instruments that encourage investments in biotechnology companies. This includes the creation of seed capital funds, angel investor networks, and specific lines of credit for biotechnology innovation. Third, adjust the regulatory framework to facilitate access and use of genetic resources, in addition to regulating the production and marketing of biotechnological and phytotherapeutic products. Fourth, evaluate the creation of a national bioprospecting company with a focus on products of commercial interest. The policy also underlines the importance of having a clear and favorable regulatory framework to ensure the fair distribution of benefits derived from the use of genetic resources and promote investment in biotechnology. Furthermore, the need to have a robust and well-coordinated institutional capacity to effectively manage the country's biodiversity and biotechnological resources is recognized.