US Emphasizes Domestic Production in the Bio Sector as Well

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] The Joe Biden administration in the United States has emphasized domestic research and manufacturing in the biotechnology sector, including biopharmaceuticals.

According to the White House, President Biden signed an executive order on the 12th (local time) titled the 'National Biotechnology and Biomanufacturing Initiative' reflecting this policy.

The core of this initiative is to enable everything invented in the biotechnology field in the U.S. to be manufactured domestically. It is interpreted as a response to concerns that the offshoring of production facilities in biotechnology could weaken the competitiveness of the U.S. in related sectors.

The White House stated, "The global industry is at a turning point of an industrial revolution based on biotechnology," and pointed out, "The U.S. has been overly dependent on foreign raw materials and bio-production, and past offshoring of key industries such as biotechnology threatens our access to important materials like chemical and pharmaceutical components."

The White House will hold a related meeting on the 14th to announce extensive new investments and resources to concretize the executive order signed that day. The White House said this executive order is expected to create jobs domestically, build supply chains, and help ease inflation.

Alongside this, President Biden will deliver a 'Cancer Moonshot' speech in Boston on the same day, marking the 60th anniversary of former President John F. Kennedy's moon exploration project speech. This project was reignited in February when President Biden set a goal to reduce the U.S. cancer mortality rate by at least half over the next 25 years. Typically, the term 'moonshot' is used for projects aiming to achieve outstanding results in a short period.

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