During National Biotechnology Month, we recognize the enormous potential of biotechnology to improve people's lives here in the United States and around the world. Its applications hold boundless possibilities for economic growth, national security, healthcare, manufacturing, and agriculture. Using biotechnology, we can develop new ways to treat cancer, manufacture medicines, generate plastics, and provide America's farmers and ranchers the tools they need to help feed, fuel, and clothe the world's growing population, which is expected to surpass 9 billion by 2050.
The United States has made remarkable advances in this critical technology over the past two decades thanks to our unique research and innovation, harnessing the strengths of the private sector, academia, and government. The American spirit of discovery has emboldened scientific pioneers across sectors to integrate biology with an amazing diversity of other fields, from manufacturing to computer science, driving biotechnology forward.
As the field continues to develop, the biotechnology industry already improves lives through its substantial economic contribution. Biotechnology has stimulated the creation and growth of small businesses, generated new jobs, and encouraged agricultural, medical, and industrial innovation. Advances in biotechnology are benefiting Americans in every corner of our Nation, from urban centers to rural communities. For every one job in biotechnology, nearly two more jobs are created in other sectors across rural America.
To foster an environment of growth in this emerging field, my Administration continues to reduce unnecessary regulations, break down barriers to entry into the market place, and improve global competitiveness. Last year, I took executive action to streamline the regulatory process and facilitate innovation for agricultural biotechnology products. These changes will provide farmers and developers with greater certainty and clarity about the review process, enabling private sector innovation and investment, as well as potentially increasing the nutritional value of food and producing crops with better yields.
My Administration has pursued policies to encourage innovation, drive job growth, and ensure the American workforce is prepared for the 21st century economy. We have supported an increased flow of information about these emerging technologies; accelerated the process and improved the consistency for approving new technologies, making them available as quickly and safely as possible; promoted both intellectual property protection and open international markets for biotechnology inventions and products; launched sweeping STEM education and workforce training initiatives; and encouraged private-sector investment and small business development through the Tax Cuts and Jobs Act that I signed into law during my first year in office.
As we mark the start of National Biotechnology Month and a new decade of American ingenuity, we recognize the importance of American leadership in maintaining science- and risk-based review and regulation of biotechnology products, promoting and safeguarding critical biotechnology infrastructure and data, and preparing the next generation of biotechnology scientists, engineers, and innovators. Together, we can ensure this booming, innovative industry continues to foster economic growth and American innovation.
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