US Invests 2.8 Trillion Won in Domestic Production of Bio Products

[Image source=AP Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] The Biden administration in the United States has decided to invest $2 billion (approximately 2.788 trillion KRW) to expand domestic production in the biotechnology and life sciences sectors. Following semiconductors and electric vehicle batteries, the 'Made in America' strategy is rapidly accelerating.

On the 14th (local time), the White House held a 'Biotechnology and Bio Manufacturing' meeting attended by Jake Sullivan, National Security Advisor; Brian Deese, Chair of the National Economic Council (NEC); and Alondra Nelson, Director of the Office of Science and Technology Policy (OSTP). This was a follow-up to the 'National Biotechnology and Bio Manufacturing Initiative' executive order signed by President Biden on the 12th.

The White House explained, "This is to implement President Biden’s executive order to launch the National Biotechnology and Bio Manufacturing Initiative aimed at lowering prices, creating good jobs, strengthening supply chains, and reducing carbon emissions," adding that "more than $2 billion in funding will be invested."

Senior officials from related departments including Health and Human Services, Energy, Defense, Agriculture, and Commerce also participated to introduce their respective future plans. First, the Department of Defense will support building a domestic bio manufacturing production base with $1 billion over five years. Additionally, $200 million will be invested to enhance facility security against cyberattacks. The White House stated, "This support will provide incentives for private and public sector partners to expand manufacturing capabilities for products critical to both commercial and defense supply chains, such as essential chemicals." Furthermore, $270 million will be invested over five years to support the development of biotechnology materials needed by the military and resilient supply chain programs.

The Department of Health and Human Services will invest $40 million in the production of raw materials for antibiotics, essential medicines, and drugs needed for epidemic response. The Department of Energy has allocated a budget of $160 million for research, development, and commercialization necessary to produce fuels, chemicals, and materials from biomass and waste. It will also collaborate with the Department of Transportation and others to provide domestic supply chains for chemicals and materials by utilizing biomass waste resources estimated at about 1 billion tons. The White House added that these efforts are expected to reduce overall inflation and household cost burdens in the U.S. amid supply chain disruptions. The Department of Agriculture will invest $250 million to produce sustainable and innovative fertilizers domestically.

In addition, up to $100 million will be supported for research and development (R&D) to convert biomass into fuels and chemicals. The initiative also includes training next-generation biotechnologists and increasing accessibility to biotechnology products through regulatory innovation.

The Biden administration, which has been cautious about increasing dependence on China for advanced product manufacturing, reiterated on this day that biotechnology is important not only for the national economy but also for security. Advisor Sullivan emphasized, "To maintain and strengthen our geopolitical advantage overseas, we must fill and revitalize the sources of national power domestically," adding, "Biotechnology is at the center of that effort."

This content was produced with the assistance of AI translation services.