Good Day BIO: Here's how we can grow the bioscience economy

Today, we turn our focus to the states—which are driving bioscience growth nationwide and, in turn, boosting employment, wages, and economic growth, says our new report. Meanwhile, New Mexico’s governor is pushing forward a low-carbon fuel standard—and it just might pass this year. (765 words, 3 minutes, 49 seconds)

Biosciences boost employment, wages, and the economy nationwide, says new report

Innovative policies and initiatives to enhance the bioscience economy are advancing in all 50 states—driving economic growth and development nationwide, says a report released today by BIO and the Council of State Bioscience Associations (CSBA).

By the numbers: The biosciences employed 1.87 million people across 101,000 U.S. businesses with a $2.6 trillion total impact on the U.S. economy in 2018, says Driving the Bioscience Economy Forward During the COVID-19 Pandemic: Best Practices in State and Regional Economic Development Initiatives. 

Workers in the sector averaged more than $107,000—nearly twice the national average. And there are more of them, with the bioscience employment base growing by 7.2% since 2018, more than twice the rate for the overall private sector. 

7 national trends are driving state bioscience growth in 2021:

1. States are building career pathways for future biosciences talent.
2. States and regions are implementing an overall supportive regulatory climate.
3. States and regions are developing agricultural, industrial, and environmental bioscience sectors in addition to their biomedical and health sectors.
4. Physical infrastructure and facilities remain a priority.
5. Universities and research centers’ technology transfer efforts are better understood by public agencies.
6. Proximity to academic innovation is a driving influence.
7. Increased focus on biomanufacturing is the future.

What they’re saying: “This new report highlights the important role of private-public collaboration in a robust bioscience economy,” said Maria Thacker Goethe, Chair of CSBA and President and CEO of Georgia Bio. “Sound public policy at the state and local level can help create new ways to attract economic opportunity, build a strong workforce, and spur innovation.” 

Dr. Michelle’s Diagnosis: “Public policy at every level can have an enormous impact on growth, jobs, and innovation in the bioscience sector. And states are often the laboratories of new public policy, where cutting-edge ideas and approaches are tried and tested.” – BIO President and CEO Dr. Michelle McMurry-Heath

About the report: Now in its sixth edition, the report analyzes legislative and regulatory initiatives at the state and regional level for economic development in the bioscience ecosystem in 2021—read the whole thing or watch and share the report launch video.

Get the report at www.bio.org/bestpractices.

More Health Care News: 

Jewish Telegraphic Agency: Pfizer CEO Albert Bourla awarded Genesis Prize for work developing coronavirus vaccine
“Albert Bourla, the chief executive officer of Pfizer, was named the winner of the 2022 Genesis Prize, the award sometimes called the ‘Jewish Nobel,’ and pledged his winnings to ‘projects aimed at preserving the memory of the victims of the Holocaust.’”

New Mexico’s governor calls for low-carbon fuel standard

Here’s another example of how a state can boost the bioeconomy and address climate change: New Mexico Gov. Michelle Lujan Grisham announced last week that a low-carbon fuel standard (LCFS) is a key priority in the 2022 legislative session. 

The proposal: The New Mexico Clean Fuel Standard Act would require a 20% reduction of the carbon intensity of transit fuels by 2030 and a 30% reduction by 2040, cutting carbon emissions by an estimated 18.5 million metric tons.

How? Through blending “high carbon-intensity fuel with renewable options, like biodiesel and ethanol,” as well as carbon credits and reducing emissions in “production, processing, and delivery of transportation fuels.” 

It would drive New Mexico’s bioeconomy—creating $470 million in capital investments, 4,100 construction jobs and 1,600-plus permanent jobs, Gov. Grisham says. 

It would also help address climate change. The fuel processing industry is the greatest source of greenhouse gas emissions in New Mexico, the second-largest petroleum-producing state behind Texas. 

It’s not the first time a LCFS has been proposed in New Mexico. Similar legislation passed the State Senate last year but died in the House. Gov. Grisham’s decision to include it among her 2022 legislative priorities is important because, during even-numbered years, New Mexico’s legislative session is abbreviated and the governor is empowered to set the agenda. 

What’s the outlook? "The bill's prospects are good this year because of the Governor's continued leadership and widespread interest group support", said Gene Harrington, BIO’s Director of State Advocacy and State Government Affairs. 

Read: 2021 was a year of breakthroughs on low-carbon fuel standards

Read more about how states can utilize policy and innovative programs to support the bioeconomy.

President Biden’s Thursday: Meeting with members of the Infrastructure Implementation Task Force, then with the President’s Council of Advisors on Science and Technology (PCAST). President Biden and VP Harris will deliver virtual remarks at a Democratic National Committee grassroots event at 7 PM ET. 

What’s Happening on Capitol Hill: Agriculture Secretary Tom Vilsack is appearing before the House Agriculture Committee. Meanwhile, during his first press conference of the year yesterday, President Biden said Build Back Better may need to be “scaled back,” reports POLITICO.