The United States remains the land of entrepreneurialism despite our lingering economic troubles. To maintain our nation’s global leadership and drive job growth, we must continue to create policies that encourage and reward innovation in growth industries — including biotechnology.
Jeffrey Bussgang, a general partner at the venture capital firm Flybridge Capital Partners contributed an interesting piece to Fortune/CNN Money in which he points out that start-up companies – not small businesses – are the backbone of job growth in the U.S. economy.
He proposes a number of policies to spur the creation of start-ups and help young companies flourish. His recommendations to encourage tech transfer and increase NIH funding particularly caught my eye.
These two points, in particular, overlap with BIO’s recently proposed initiative to reform the investment and regulatory environment for biotech innovation. Regrettably, U.S. policies and legislation are insufficiently conducive to enable our industry to most effectively meet some of the world’s most pressing challenges and remain competitive on a global scale. The set of policy proposals is designed to improve the odds for biotech innovation and to benefit the patients and communities this industry serves.
A fact sheet about the proposals, entitled Unleashing the Promise of Biotechnology, can be downloaded here.