Hon Dr Shane Reti
Minister of Science, Innovation and Technology
A major government investment in cutting-edge science will unlock new economic opportunities by transforming New Zealand’s unique natural resources into high-value pharmaceutical and bio-based exports, Science, Innovation and Technology Minister Dr Shane Reti announced today.
The Government is investing over $42 million across seven years to establish a Biodiscovery Platform, designed to accelerate the development of high-growth industries producing natural pharmaceuticals and other bio-based products. The platform will be led by the newly formed Bioeconomy Science Institute.
“This is an economic growth initiative,” Dr Reti says.
“By harnessing New Zealand’s rich biodiversity, we can develop world-class, export-ready products in pharmaceuticals, cosmetics, functional foods, and advanced materials, creating jobs, growing businesses, and increasing our global market share.”
The global market for bio-based products is expected to exceed USD $300 billion by 2027, with natural pharmaceuticals among the fastest-growing segments. This initiative enables New Zealand to capture a share of that growth by commercialising products rooted in our unique flora and fauna.
“This platform will open up significant export opportunities for New Zealand businesses. With targeted R&D, we’ll help companies bring new, science-backed products to international markets, supporting regional development and building a stronger, innovation-led economy.”
The Bioeconomy Science Institute will unite researchers, Māori enterprises and industry to drive commercially focused innovation. It will also support market analysis, de-risk private sector investment, and help fast-track new product pipelines.
Dr Reti pointed to the success of New Zealand’s honey sector as a model.
“In 2014, honey exports earned $187 million. By June 2025, that number had more than doubled to $420 million – thanks largely to innovation in mānuka honey. That’s the kind of economic uplift we want to replicate across multiple natural product sectors.”
The Biodiscovery Platform is part of a broader strategic push to grow New Zealand’s science and tech economy. Over the past six months, the Government has committed:
“Science, innovation, and technology is one of the five pillars of our Going for Growth economic strategy. This investment ensures that New Zealand remains competitive in future-focused global industries – and that our natural advantages are turned into long-term economic gains,” Dr Reti says.
