America’s Bioeconomy Plays Critical Role in Feeding, Fueling, and Healing the World
Washington – The Biotechnology Innovation Organization (BIO) has submitted comments to the Office of Science Technology and Policy (OSTP) on the bioeconomy, explaining the critical role America’s biotechnology industry plays in feeding, fueling, and healing the world. The comments were recently highlighted by Tom DiLenge, president of BIO’s Advocacy, Law & Public Policy Division, during The White House Summit on America’s Bioeconomy, which included leaders from industry, academia, and the government.
"It's a remarkable time for the biotechnology industry in America. Our world-class scientists, brilliant researchers, and savvy entrepreneurs are making an enormous difference in improving the health of our loved ones and our planet,” DiLenge noted. “Yet while our progress has been amazing, the continued success and leadership of the American biotech industry is not guaranteed. We cannot abandon the policies that have made our bioeconomy the strongest and most dynamic in the world, and we must work to update our policies to meet the challenges posed by the next wave of biotechnological innovations.”
In its official comments, BIO notes that the key drivers of successful growth in our bio-based economy are:
- Robust funding of public- and private-sector scientific research;
- Strong and predictable intellectual property rights, with a flexible and well-functioning technology transfer system;
- A dynamic capital investment environment, with competitive returns on investment capital;
- Science- and risk-based regulation of biotechnology innovation that speeds the path to market and minimizes post-approval obstacles to commercialization and adoption;
- Market-based incentives for the sale of biotechnology products that promote patient and consumer access and continued innovation; and
- Public support that embraces the positive influence of biotechnology.
The comments go on to say:
“BIO and our member companies stand at the forefront of the U.S. bioeconomy and we are proud that we have helped to make the United States the global leader in biotechnology innovation. We urge the Administration to seize the opportunity to expand on this American leadership by taking action and supporting the pro-innovation policies outlined in this submission.”
To learn more, read BIO’s comments here.