The sentiment behind that statement made by BIO’s President and CEO Jim Greenwood was shared by the speakers and attendees at today’s Leadership Summit which took place at the 2011 BIO International Convention. The participants addressed the economic obstacles and environmental impacts for biotechnologies in transforming how food, fuel, and other products are produced. Ultimately, the goal of the Leadership Summit was to bring the leaders of the industry together to address how businesses and policymakers can meet these challenges.
The half-day event gathered government and private sector leaders to discuss how policy reform is critical for biotechnology to meet the sector’s global economic challenges. “We have to get the policies right in order to get the right investments in place,” said Roger Wyse, Managing Director, Burrill & Company to nearly 100 attendees.
But policy reform’s impact would affect more than just domestic industry. He added that since biotechnology is transforming how crops are grown, and how fuel is manufactured, the right government policies and current business trends combined with the latest technology advances support the growth of rural economies in the United States and abroad. “We see growth in the rural regions of the United States, but we also see strong potential in emerging regions as developed countries progress and set the stage for next generation developments. Malaysia and Indonesia are good examples and biotechnology can be a significant driver for economic development for such countries.”
The industry depends on a strong policy and regulatory environment to support innovation and contribute to job growth, which is key for large and small, U.S. and international biotech companies alike.