Via Teleconference
(September 11, 2022)
4:01 P.M. EDT
MODERATOR: Hi, everyone. And thanks for joining us on a Sunday. The purpose of today's call will be to preview the President's executive order, which he'll sign tomorrow, that will launch a biotechnology and biomanufacturing initiative.
As a reminder, today's call is on background, attributable to senior administration officials and will be embargoed until 5:00 a.m. Eastern tomorrow, Monday, September 12.
For your awareness, not for your reporting, the speakers on today's call are [senior administration official] and [senior administration official].
With that, I will pass it off to [senior administration official].
SENIOR ADMINISTRATION OFFICIAL: Thank you, [moderator]. And good afternoon, everyone.
We're excited today to share that, tomorrow, President Biden will sign an executive order to launch a national biotechnology and biomanufacturing initiative. The initiative will drive federal investments in areas that will define U.S. biotechnology leadership and our economic competitiveness in the coming decades. And this initiative will make the United States more prosperous and our planet more secure.
Let me just step back here and describe why the President is launching this initiative at this time.
So we know that the global industry is on the cusp of a revolution powered by biotechnology. Analyses and facts suggest that before the end of the decade, engineering biology holds the potential to be used in manufacturing industries that account for more than one third of global output. That's equivalent to almost $30 trillion in terms of value.
Living factories — cells — and biomass can be used to make almost anything that we use in our day-to-day lives, from medicines to fuels to plastics. And this allows the U.S. to leverage innovation — this innovation — to strengthen our economy and society.
On Wednesday, the White House will host a summit on the bioeconomy and biomanufacturing. We will announce new investments and resources across a wide range of agencies that will allow the United States to harness the full potential of biotechnology and biomanufacturing.
Let me give you just a highlight at a top level, and then I'll turn over to [senior administration official] of what the initiative will do.
The investments, programs, and partnerships in this initiative will advance research and development in engineering biology and biomanufacturing, expand and strengthen domestic biomanufacturing capacity and resilient supply chains. It will help bring bioproducts to market that will help support American farmers and reduce risk through biosecurity innovation, as well as enhance workforce training and education programs for the next generation of biotechnologists.
Now, beyond federal investments, the initiative takes on a series of actions to create more robust markets for bio-based products at home and globally to expand access to biotechnology and to translate research and development into vital products and services faster.
The initiative's impact will be far-reaching. Tomorrow, in Boston, the President will give remarks on the power of biotechnology and biomanufacturing to end cancer as we know it. But the power of biotechnology extends far beyond healthcare. It will enable us to reinvent America's supply chains, transitioning away from chemicals that rely on oil towards cleaner, safer, and more reliable alternatives that we make right here at home.
This transition will create jobs across all of America, and it will mean that we can keep prices for consumers low and supply chain strong.
