An executive order from President Joe Biden has launched a National Biotechnology and Biomanufacturing Initiative that will impact plastics and other manufacturing sectors.
In a Sept. 12 news release from the White House, officials said that the initiative "will ensure we can make in the United States all that we invent in the United States."
They added that the initiative "will create jobs at home, build stronger supply chains, and lower prices for American families."
On Sept. 14, the White House will host a summit on the initiative during which cabinet agencies will announce new investments and resources that officials said will allow the U.S. to harness the full potential of biotechnology and biomanufacturing and advance the president's executive order.
"Global industry is on the cusp of an industrial revolution powered by biotechnology," officials said. The U.S. "has relied too heavily on foreign materials and bioproduction, and our past off-shoring of critical industries, including biotechnology, threatens our ability to access materials like important chemicals and active pharmaceutical ingredients. …Yet, bioeconomy remains an American strength — as well as a huge opportunity."
They added that sectors that can benefit from the initiative include plastics, medicines and fuels. Advances in biotechnology can provide an alternative to petrochemical-based production in plastics, fuels, materials, and medicines, officials said.
Industry analysis suggests that bioengineering could account for more than a third of global output of manufacturing industries before the end of the decade — almost $30 trillion in terms of value.