What does the future hold for biotechnology? After surveying American voters, biotech executives, and attendees here the 2012 BIO International Convention, we learned that the future is indeed bright. More than three quarters of American voters, nearly all the biotech execs, and 1,400 of the attendees we spoke to are optimistic that science and technology will find cures to help patients suffering from serious diseases, such as cancer, diabetes, Alzheimer’s, Parkinson’s and HIV/AIDS.
Tempering that optimism are the following concerns:
- More than half of biotech industry leaders (58 percent) say federal government regulation has had a negative impact on the industry
- A solid majority (68 percent) of industry leaders cited partisan gridlock in Washington, DC a critical concern over the next five to ten years.
- More than half (52 percent) of the biotech industry leaders surveyed reported being approached by a foreign government or foreign business development organization to move their company’s operations overseas.
What can be done to move biotechnology forward?
Jim Greenwood, President and CEO of BIO, noted, “It’s important for Congress and the FDA to put policies in place that encourage and support investment in biotechnology. There is a real opportunity to help move science forward through a more streamlined regulatory process that protects patient safety while also delivering cutting-edge treatments and cures.”
- A majority of American voters (56 percent) believe the government should support biotechnology innovation, either through tax policies designed to encourage private investment or through direct investment in biotech
- Likewise, 65 percent of the voters surveyed supported creating an accelerated approval process at the Food and Drug Administration that could speed cures to those in need, such as patients suffering from cruel and deadly diseases, like cancer and Alzheimer’s.
- More than three-quarters (82 percent) of the biotech executives surveyed confirmed that making the federal regulatory approval process more efficient and transparent, without compromising consumer safety, would be helpful to the industry.
The research included a survey of national voter attitudes, a survey of biotechnology executives and a third survey examining the attitudes of those attending the 2012 BIO International Convention.