BIO Comments on New Initiatives to Grow Nation’s Bioeconomy

Washington, D.C. (September 16, 2011) – Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood released the following statement on the new initiatives announced by President Obama earlier today:

“BIO is extremely pleased that the Administration recognizes the potential of America’s biotechnology industry to provide jobs and grow the nation’s economy, as well as ‘address national challenges in health, food, energy, and the environment.’  As the President has noted, biotechnology offers our nation the most promise to cure disease, feed the hungry, clean our environment and provide renewable sources of energy.

“We are very supportive of the President’s stated commitment to reduce unnecessary regulation and for investment in research and development, as well as the creation of new tools for small companies with promising science.  BIO recently released Unleashing the Promise of Biotechnology a summary of legislative proposals to reform the investment and regulatory environment to help foster biotech innovation.  BIO’s proposals will help create jobs here in America, develop cures and continue our nation’s global leadership in innovation – goals that we are pleased to see incorporated in the President’s proposals.

“We are also pleased with the Administration’s focus on the important role technology transfer plays in commercializing university research in order to benefit patients and other consumers.  BIO works closely with the university community to improve technology transfer and commercialization of discoveries through regular collaborations on a range of policy and practice issues.   We stand ready to work with the Administration to support similar initiatives.

“Combined with the strong support for the development of advanced biofuels expressed in his proposed American Jobs Act, President Obama has laid out a roadmap to help foster the continued growth of American’s biotechnology sector that is worthy of careful consideration.  We look forward to working with the Administration as it develops the National Bioeconomy Blueprint and implements the other promising proposals announced today.”