Good Day BIO: USDA calls for ‘ambitious investment’ in innovation

Recess is over, and USDA is calling for increased investment in food and ag innovation by G20 members. Plus, a Bio.News exclusive opinion piece from BAKX Therapeutics’ CEO, who makes a case for “founder-centric biotech.” (701 words, 3 minutes, 30 seconds)

USDA calls for ‘ambitious investment’ in food and ag innovation

G20 Agricultural Chief Scientists met last week, where the U.S. highlighted the importance of investing in agriculture and food innovation to address ongoing challenges.

The news: G20 agricultural leaders met in Bali to discuss “global challenges facing agriculture and to align both national and global research and development priorities.” USDA Chief Scientist Dr. Chavonda Jacobs-Young led the U.S. delegation, which called on G20 members to support the Agriculture Innovation Mission (AIM) for Climate and Coalition for Sustainable Productivity Growth. 

The context: The war in Ukraine has disrupted agriculture and food supply chains—and the climate crisis is making it worse, with even more disruption ahead if we don’t address it. 

Two initiatives can help:

• AIM for Climate was launched by the U.S. and United Arab Emirates at COP26 in 2021 to put agriculture at the center of climate action, part of the Biden administration’s commitment to a “whole-of-government approach” to the climate crisis.
• Coalition for Sustainable Productivity Growth launched last year to accelerate the transition to more sustainable food systems through ag productivity growth “that optimizes agricultural sustainability across social, economic, and environmental dimensions.”

BIO supports both initiatives—joining AIM as one of nearly 50 non-governmental Knowledge Partners, and signing on to the Coalition for Sustainable Productivity Growth along with nine countries and dozens of private-sector stakeholders. 

What they’re saying: “Ambitious investment in climate-smart agriculture and food systems innovation will help create a surge of solutions, enabling the world to meet nutritional needs, increase agricultural productivity, improve livelihoods, conserve nature and biodiversity, build resilience to climate change, reduce greenhouse gas emissions and sequester carbon,” said USDA’s Dr. Chavonda Jacobs-Young. 

The next steps: Discussions will continue at COP27 in Egypt in November—stay tuned for more as we follow these conversations.  

Bio.News Exclusive: BAKX Therapeutics CEO makes case for founder-centric biotech

Founder CEOs are both change agents and drivers of innovation. Now, more than ever, it is imperative that purpose-driven venture capital recognizes and unleashes their potential, Sree Kant, Founder and CEO of BAKX Therapeutics, writes on Bio.News.

By the numbers: Founder CEOs drive a 31% increase in “citation-weighted patent count,” found researchers at Purdue University, making them “more likely to take their firms in a new, innovative technological direction.” They’re also “up to five times more likely than their competitors to be top quartile performers,” per Bain & Company.

This is especially clear in the biotech industry—where “founder CEOs are both drivers of innovation and value creators,” explains BAKX Therapeutics Founder and CEO Sree Kant.

“But entrepreneurship—and early success—in biotech are convoluted,” says Kant, explaining that most private biotechs raising “monster B and C rounds” or going public recently “are not founded by entrepreneurs, but instead by venture capitalists or professional biotech-building shops.”

Many stakeholders have a role to play in making this change—including big pharma and VC, as well as “industry organization leadership and visionary biotech and science journalists, both of whom are uniquely positioned to leverage their positions of influence to shine a light on the science that matters—not just the companies who are raising the most in funding rounds.” 

The bottom line: “Ultimately, while painful, downturns like the one we’re experiencing now can create the conditions for change,” concludes Kant. “Fewer companies may survive. But those that do will be based on innovative science, a unique value proposition, and committed teams of entrepreneurs who care as much about the long-term impact of the companies and generating lasting value as they do about the near term.”

Read the whole thing on Bio.News.

More Reading: VC still interested in biotech, says McKinsey

More Health Care News: 

Pfizer: Pfizer and BioNTech announce U.S. FDA approval of their COVID-19 vaccine COMIRNATY® for adolescents 12 through 15 years of age
“The vaccine was previously made available to this age group in the U.S. under emergency use authorization (EUA), and to date more than 9 million 12- to 15-year-old adolescents in the U.S. have completed a primary series.”

President Biden’s Monday: This evening, he’ll receive a briefing from NASA and see the first images from the Webb Space Telescope, expected to be the highest-resolution images of the infrared universe ever. 

What’s Happening on Capitol Hill: Recess is over, and abortion rights are expected to be on the agenda this week.