Forbes October 14, 2024
The United States’s dominance in biotech innovation is crucial to our national interests and global security. In recent years, China has quickly become a powerhouse, bolstered by its biotech-friendly regulatory reforms and poised to soon surpass the U.S. Unfortunately, some of our government policies are undermining American advantages against China.
Developing a new therapy takes more than a decade, costs billions of dollars, and faces high failure rates, making it a long, expensive, risky endeavor that government funding cannot accomplish. Private investment in biotech is a sweet deal for the public. When it fails, as the vast majority of attempts do, investors, not taxpayers, lose their money. When it succeeds, investors receive their returns, while current and future patients become...
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