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The article is aimed at researching the European experience of institutional support for the development of knowledge-based bioeconomy, as well as identifying the factors contributing to formation of bioclusters and bioregions. The knowledge-based bioeconomy is a transformation of the knowledge of life sciences into new, stable, ecological and competitive products. In terms of efficiency, the knowledge-based bioeconomy represents the stable management, production, and use of renewable biological resources, based on knowledge of life sciences and biotechnology. The following activities are proposed to support the development of knowledge-based bioeconomy: improvement of cluster policy; development of the transnational cluster cooperation; support for existing clusters; facilitating the integration of innovative small and medium-sized firms into clusters. Criteria of formation of the structure of biocluster have been defined as follows: quality of research and advanced development, which will be carried out within cluster; quality of education in the relevant industries; dynamics of creation of new and innovative firms in region; attraction of regional innovation potential, internationally known scientists, and also foreign investments; availability of regional tools to support innovation; demand on the part of public sector.