In Washington, DC, the Biotechnology Innovation Organization, in partnership with consulting firm Kearney, has released a report assessing the significant economic impact of the US bioeconomy. The report, entitled “Projected Impact and Growth of a Fully Unleashed Bioeconomy: The Value of Food, Agriculture, and Manufacturing Biotechnology”, highlights how this rapidly expanding sector is driving continued economic growth, creating hundreds of thousands of new jobs, and fostering sustainable innovation.
The report finds that the US bioeconomy contributes ~$210 billion in direct economic impact (excluding healthcare), with indirect benefits pushing the total impact beyond $830 billion. It also projects that by 2030, the full economic potential of the bioeconomy could reach $400 billion nearly.
However, John Crowley, President and CEO of BIO, cautioned that the U.S. must take a series of “bold measures to modernize the regulatory frameworks that govern the review and approval process of new biotechnologies to ensure that our nation continues to lead the world in agricultural innovation.”