Guest Column by Patrick Plues

Biotech Can Give Our Economy the Boost It Needs—If We Let It

The key to a stronger, more vibrant and more secure American economy could be staring us right in the face. A groundbreaking new report circulating in Washington reveals that one of America's leading industries still has untapped potential to drive job creation, competitiveness and long-term economic growth.

That sector? Biotech. America's biotech industry already contributes $3.2 trillion to the economy—but could add much more with the right reforms. Healthcare spending accounts for more than 17 percent of U.S. gross domestic product, and life-science companies are uniquely positioned to curb those costs.

That's because the biopharmaceutical sector is our primary source of new medicines. Preventing or curing diseases like cancer and diabetes would avert trillions of dollars in future spending on hospitalizations and long-term care. At the same time, more breakthrough medicines would return productive workers to the workforce, a key driver of economic development. 

A few simple policy changes could spur the industry to new heights.