Building Blocks for Expanding Biotech Globally
Building and sustaining a successful, innovative biotech sector is a complex process that needs active support from government, policymakers, academia, the financial community and others. Investment in biotechnology has the potential for significant Return on Investment through the creation of high skill, high wage jobs in addition to bringing innovations to market that will help to heal, fuel and feed the world.
Until a decade ago, the U.S. was the undisputed leader in biotechnology development. Since then, global competition for the industry has rapidly increased. Europe and Asia, for example, are pursuing policies to encourage biotech investment and development. Many countries understand the myriad benefits of developing a robust biotech community within their borders.
BIO believes that several factors will contribute to forming and building a thriving biotechnology industry within individual countries, including:
Harmonization of patent laws and standards throughout the world. Biotechnology companies depend on comprehensive and consistent patent rights for innovation. Enhanced international cooperation in patent procurement and enforcement provides greater incentives for the expansion of the biotechnology industry in the global marketplace.
A strong tax and regulatory system. Emerging companies, in particular, depend on government laws and regulations that encourage and reward innovation. In addition, biotechnology products must receive timely and high quality reviews that ensure the safety and efficacy of the products while expediting the delivery of new therapies and technologies to patients and into the marketplace.
Capital formation. Adequate funding is inextricably linked to sustained advancement in cutting edge biotechnology innovation.
Attracting and retaining a constant flow of educated and technically proficient workers. Providing biotech education opportunities and workforce development programs will greatly enhance a country’s ability to strengthen the biotech industry within its borders.
Strong support for R&D. Innovative ideas become reality when companies make a strong commitment to invest in research and development. It is a commitment to job creation, to consumers of products and services, and to economic growth.
A rigorous safety and efficacy testing and approval process. Every medicine should be rigorously tested and approved for safety and efficacy before entering the market. The integrity and efficiency of clinical trials is of the utmost importance to biotech companies developing biomedical products. BIO will never compromise our high ethical standards for clinical investigations.