Good morning Chairman Wu, Ranking Member Smith, Members of the Committee, ladies and gentleman. I am Jim Greenwood, President and CEO of the Biotechnology Industry Organization (BIO). I am privileged to be here this morning on behalf of BIO’s more than 1,200 member companies, academic institutions, state biotechnology centers and related organizations in all 50 states involved in healthcare, agricultural, environmental and industrial biotechnology.
The role of the SBIR program in bringing breakthrough therapies to the American people is a matter of record. There are 252 FDA approved biologics that have been developed by 163 companies. Thirty-two percent of those companies have received at least one SBIR/STTR award. Despite its noble past, the ability of the SBIR program to provide critical funding for medical research projects will remain hampered unless SBIR reauthorization updates the program to address the current realities facing small, innovative American companies.