A resilient future starts with the biobased economy

COVID-19 has tested the resilience of every sector, health system, and economy around the world—but biotechnology is one of the most important tools we have to build resilience, writes Stephanie Batchelor, VP of BIO’s Industrial and Environment Section, in a new op-ed for Industrial Biotechnology.

Now more than ever, the bioeconomy is critically important, not only to respond to COVID-19 but also because “the challenges of tomorrow—like climate change—are not going away and will only increase the risk of future pandemics and raise the costs of public health challenges,” says Stephanie.

“BIO has continued to engage lawmakers in the context of being resilient in a post-pandemic world,” she continues.

We're seeing activity at the federal level, on legislation regarding infrastructure and a national engineering biology framework as well as in the states, like Maine’s recently passed renewable chemical tax credit, which “will speed up the state’s transformation to a 21st century, biobased economy and will foster the production of innovations in renewable and biodegradable or recyclable products.”  

But we need to do more: “But, like the adoption of policies to advance sustainable fuels, a federal policy must be enacted to truly incentivize investment in new technologies to clean up our economy. And, ultimately, policies that create a market for carbon must be considered,” she continues 

Stephanie’s Sage Words: BIO will be front and center pushing for policies that promote biobased manufacturing and renewable chemical development, incentivize the capture and utilization of carbon, and establish clear and science-based frameworks to advance 21st century biotechnologies. Over the past three decades, the advent of biotechnology innovation has transformed our bioeconomy while helping people live healthier lives, reduce their dependence on fossil fuels and transform manufacturing processes. We must build on that success, now more than ever. – Stephanie Batchelor, VP of BIO’s Industrial and Environment Section 

Read the whole thing (paywall).  

And watch Dr. Michelle McMurry-Heath explain how agriculture and environmental biotechs are tackling climate change:

More Agriculture and Environment News: 

The New York Times: The next energy battle: renewables vs. natural gas
“Investors, customers and lawmakers are demanding electricity from cleaner sources.”

Yesterday, Ohio policymakers held a virtual meeting to discuss updates on prescription drug development, and BIO delivered important testimony on the drug R&D process and what it means for our industry’s unprecedented response to COVID-19.   

It’s a long road from discovery to patient. The drug R&D process is extensive and expensive—and can take a decade or longer to get approval for a new medicine.

And the failure rate of drugs entering clinical trials? 90%.

Small biotechs lead the way in the clinical pipeline, with 70% of clinical trials conducted by small biotech companies, either in partnership with larger companies or solo. 

And the unprecedented response to COVID-19 shows why good prescription drug policy matters. Companies large and small have been working together to develop antivirals, vaccines, treatments, and diagnostics, with more than 550 unique programs launched since January 2020.

Greg’s Take: Our smaller companies exist, in great measure, due to the investor community and their relationships with larger companies. This is the riskiest endeavor that we have ever undertaken, but we continue to flourish thanks to good public policy. – Greg Hoke, BIO’s Director of State Government Affairs                                               

Check out BIO’s latest COVID-19 pipeline data at bio.org/covidpipelinetracker.

To learn more about the drug cost ecosystem, visit www.drugcostfacts.org.

More Health Care News:  

Biopharma Dive: 5 FDA approval decisions to watch in the 3rd quarter
“The next few months could bring the first gene therapy for hemophilia, a new type of multiple myeloma drug and an additional treatment option for a devastating muscular condition. The Food and Drug Administration is set to make decisions on approval of all three, as well as on a closely watched arthritis pill and the first oral drug for spinal muscular atrophy, between July and September.” 

Delaware Business Times [Opinion]: Public, economic health depends on thriving bioscience sector
“Even amid this crisis, bioscience remains strong. As of mid-May 2020, there were more than 400 drug programs in development aimed at COVID-19, including 100 vaccines and 135 antivirals.” 

USA Today: Could a coronavirus vaccine rehab the pharmaceutical industry's reputation despite drug price increases?
“The pandemic ‘has driven the public eye onto what the biotech industry does, which is change the dynamic of a disease,’ said Jeremy Levin, chairman of BIO and author of the recently published book Biotechnology in the Time of COVID-19: Commentaries from the Front Line.”