The White House to invest more than $2 billion in the U.S. biotechnology sector


The White House released new details on Wednesday on how it plans to invest more than $2 billion in the U.S. biotechnology sector as it hosts a meeting of government leaders to discuss the emerging industry.

President Joe Biden on Monday signed an executive order that launched a national biotechnology and bio-manufacturing initiative, and on Wednesday the White House will hold a summit with top government officials and department heads to discuss plans on how to administer the order and allocate the money.

The spending plan released by the White House includes $1 billion from the Department of Defense to fund bio-industrial domestic manufacturing infrastructure over five years to boost the industry and make it accessible to U.S. innovators.

Other spending includes a $250 million grant program administered by the Department of Agriculture to support sustainable American fertilizer production. A further $40 million will be used to expand the role of bio-manufacturing for active pharmaceutical ingredients, antibiotics and key materials needed to produce medications and respond to pandemics.

#US #Biden #market

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