The U.S. bioeconomy is strong but faces a number of challenges, says a new report—which are critically important to solve to respond to the climate and economic risks this decade.
But first, what’s the bioeconomy? Economic activity driven by research and innovation in life sciences and biotech enabled by technological advances—basically, what our members do. And it’s worth more than $950 billion, or 5% of the GDP.
The report:Safeguarding the Bioeconomy is a new report from the National Academies of Sciences, Engineering, and Medicine, covering the risks to the United States' leadership in the global bioeconomy and providing recommendations for how to mitigate them and grow the sector.
The findings: “The U.S. is a clear leader in the global bioeconomy landscape, but faces challenges from decentralized leadership, inadequate talent development, cybersecurity vulnerabilities, stagnant investment in fundamental research, and international competition…As a major driver of scientific discoveries, spanning fields from agriculture to pharmaceuticals, a vulnerable bioeconomy puts the country’s economy at risk.”
The recommendations: The report recommends the Executive Office of the President form a “coordinating body” to facilitate coordination across the science, economic, regulatory, and security agencies, as well as take steps to improve cybersecurity and attract science talent from around the world, especially to counter China’s intellectual property environment.
And luckily, some of this is in process: Last year, the Trump administration directed several agencies (including Agriculture, FDA, and EPA) to review their regulatory systems and find ways to streamline processes and remove overly burdensome regulations, a move we applauded.
Why it matters: “America is on the threshold of entering a new era of sustainable agriculture and food production, and it’s important we get this right for farmers, consumers, U.S. companies, and the world as a whole,” said BIO CEO Jim Greenwood last year. “With prudent regulations, we can foster American innovation and bring to market biology-driven solutions that are improving nutrition, reducing food waste, increasing crop yield, combating debilitating crop diseases, and advancing environmentally friendly farming practices.” And all of this will have broad implications for the climate and economy.
BIO’s take: BIO has long championed the role the bioeconomy can play in reducing environmental impact, creating jobs, and advancing innovation, especially in rural America—and this will remain a priority in 2020 and beyond.
