The Biotechnology Industry Organization (BIO) has expressed its support for the Start-up Jobs and Innovation Act introduced by Senators Robert Menendez (D-NJ) and Pat Toomey (R-PA). According to BIO, the bill would help small biotech companies by spurring capital for early-stage development of R&D-focused companies. Biotech companies often have a difficult time finding investors because of the long process and cost of bringing a biotech product to market.
“Many research-intensive companies rely on private investment to support their groundbreaking R&D. Because of the long research process intrinsic to scientific advancement, growing innovators operate without product revenue and thus cannot use the sale of one product to finance the development of another. The investment dollars that fund the decade-long, billion-dollar biotech pipeline are supporting the next generation of breakthrough technologies,” says BIO President and CEO James C. Greenwood in a letter to the senators.
“Innovative biotech companies at all stages of the development process are working toward next generation technologies to heal, fuel, and feed the world. [The] Start-up Jobs and Innovation Act will support the early-stage research critical to bringing these breakthroughs to the world,” says Greenwood.