President Joe Biden is launching a new initiative to encourage biotech production and research in the U.S. to boost domestic industry. The official said that the administration was aiming to expand domestic biomanufacturing capacity as other countries, especially China, have been aggressively investing in the sector, posing risks to U.S. leadership and competitiveness.
Moreover, the modern research domain, led by the remarkable advancement of genetic biology, is boosting industry growth. Also, the Covid-19 outbreak has encouraged organizations to invest in research & development for the future crisis, which is expected to support the growth. The global industrial biotechnology market is expected to grow at a CAGR of 15.6% during 2022-2029.
