(MENAFN- Muscat Daily) Using marine resources to develop new products for healthcare agriculture and other industries could hold the key to a more resilient economy in Oman.
However many of these have not yet been studied for their biotechnological potential a study led by Newcastle University has concluded. With over 3000km of coastline Oman is an area of rich marine biodiversity with unique marine species.
In the first-ever study of the use of open innovation in the marine biotechnology sector researchers found that despite this biodiversity companies in the country's marine and fisheries industries were commonly developing new knowledge mainly from 'market-based' sources such as customers suppliers and competitors rather than through research-led innovation.
Currently over 85 per cent of Oman's revenues are accounted for by oil and gas. With future revenue from these sources expected to decline the Omani government has begun to look at ways to diversify its economy to support growth and improve food security and identified the emerging marine biotech sector as an area for development.
The study published in the journal Marine Policy looked at how open innovation could be used to increase the diversity and competitiveness of Oman's marine biotech sector.
Researchers conclude that companies in the sector should collaborate in a more open balanced way – not just with market-side partners but also with universities research institutes and external partners to gain knowledge and to drive innovation.
They also suggest that investing in advanced life sciences research and targeted investment to increase the use of open innovation in the sector be significantly strengthened to improve sustainable economic growth. Grant Burgess professor of marine biotechnology at Newcastle University who led the project said 'Omani universities are an increasingly important science base for the marine biotech sector.
'Recent developments such as the University of Nizwa's work on the potential use of compounds in seaweeds and algae for medicinal purposes is evidence of how the research infrastructure and marine biotech expertise within Oman are growing.'
Kawther al Belushi from the School of Marine Science and Technology at Newcastle University and lead author of the paper said 'Traditional forms of marine biotechnology such as fish and seafood processing are already well established in Oman but with the right support and a climate of open innovation the high-tech end of the sector can grow and flourish.'
Meanwhile H E Dr Hamed al Oufi Undersecretary of Fisheries Wealth in MoAF said 'The growing wave of technology-based bio-industry companies in Oman can help strengthen our economy and this key study carried out with Newcastle University underlines the importance of encouraging companies to invest in open innovation by forming collaborative projects with universities.'
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