BIO calls for more funding and support for US bioeconomy

In 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.

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.