President Biden’s push to revitalize technology-based industries, focusing on semiconductors and electric vehicles, should also include the life sciences sector. This industry encompasses biotechnology, pharmaceuticals, medical devices, and more, competing globally with other nations investing heavily in their own industries. A bipartisan effort is needed to support a more active industrial policy in the life sciences, especially in light of concerns about China’s ambitions. The U.S. must invest in research, development, manufacturing, and distribution to stay competitive. Public investment in the life sciences, tax policy changes, and learning from successful models in other countries are crucial for the U.S. to maintain its position in the global market.
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Bipartisan industrial policy for the life sciences is needed in the U.S.
