BIO Welcomes USDA Report Showing Biobased Products Contribute $369 Billion to U.S. Economy, Create 4 Million Jobs

June 17, 2015 | By Business Wire News

WASHINGTON

The Biotechnology Industry Organization (BIO) today applauded the release of USDA’s report to Congress titled “An Economic Impact Analysis of the U.S. Biobased Products Industry,” which details the growing sector’s impact on the U.S. economy, energy independence, and environment. BIO also welcomed the release of the new rules for the BioPreferred Program. The BioPreferred Program administers a USDA label indicating the renewable content of a biobased product and sets federal purchase preferences for biobased products.

Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, stated:

“As USDA’s new study of the economic impact of this program demonstrates, biobased products are capable of generating new economic opportunities, reducing U.S. reliance on foreign oil, and improving the nation’s environmental health. Biobased products already contribute $369 billion to the U.S. economy each year. The sector directly employs 1.5 million Americans, and creates additional employment opportunities for 2.5 million. The 40,000 biobased products that are currently on the market displace about 300 million gallons of petroleum per year, which is equivalent to taking 200,000 cars off the road. The BioPreferred Program provides an important opportunity for products made with renewable resources, including renewable chemicals, to differentiate themselves in the market place. It is an important source of market pull for this emerging sector.”

About BIO

BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO’s blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.

Upcoming BIO Events

BIO International Convention
June 15-18, 2015
Philadelphia, PA

World Congress on Industrial Biotechnology
July 19-22, 2015
Montréal, Canada

BIO Latin America Conference
October 14-16, 2015
Rio de Janeiro, Brazil

BIO Investor Forum
October 20-21, 2015
San Francisco, CA