How Will Obama Affect Biotech?
The economy is in shambles but there is a promise of great change on the horizon due to the election of Barack Obama. What does this mean for the biotechnology industry? According to TheHill.com, Obama, like his competitor McCain, has some policies that are supported by the Biotechnology Industry Organization (BIO), and some that are not.
During the election, comments were made by Obama regarding both the biotech industry and prescription drug issues. It seems the biotech/biomedical sector has a better reputation in Washington than the traditional pharmaceutical sector, and Obama has been quoted as saying he would "stand up to big pharma" in the White House.
Obama is in support of increased funding to the FDA, which could assist them in monitoring foreign CSOs and lead to stricter control over importation of prescription drugs and watchdogs to ensure the proper active ingredients are used, but it could also result in increased regulations for the domestic use of GMOs. Obama also supports R&D and the idea of tax credits for research, according to TheHill.com. His webpage dedicated to technology describes his support of research to prevent, treat and/or cure diseases such as cancer and heart disease. Most significantly, it firmly proclaims his support of embryonic stem cell research. Former Republican Jim Greenwood, now of BIO, believes that Obama will approve the legislation for federal funding of stem cell research passed by Congress seven times, only to be vetoed by President Bush again this past year.
Source:
Young, J. Biotech Industry not Seeing Much Difference Between McCain, Obama. TheHill.com, September 8, 2008.
Comments
It will be interesting to see how Obama handles this aspect of his presidential duties. We all know that election talk is different than what happens in office. As a Canadian it will also be interesting to see if there is any collaboration between biotech experts in America and Canada. With great biotech programs across the country (like at Centennial College in Toronto)I hope graduates get a chance to work with Americans to advance the field.
So, the only change is the ESC issue: he will approve it and then embryos will be destroyed for research. Why does he not support research and development with adult stem cells which are already curing so many diseases? All attempts to use ESC have failed do to rejection and cancer transformation. It is puzzeling the waste of life.