Peter Blute: “In 1980 the biotechnology industry was basically nonexistent. In the year 2000 revenues could potentially reach $60…”

“In 1980 the biotechnology industry was basically nonexistent. In the year 2000 revenues could potentially reach $60 billion. Unfortunately, this growth is in jeopardy, certain health care reform proposals and other Government regulations looming on the horizon could doom expected growth in the industry. It is with that in mind that I, along with our distinguished colleague from California [Ms. Eshoo] introduced two bills aimed at stimulating biotechnology research and development. H.R. 4211, the Biotechnology Competitiveness Act of 1994, would instruct the Office of Science and Technology Policy to strongly coordinate Federal assistance to biotech research. And H.R. 4212, the Biotechnology Stimulus Act of 1994, would provide important tax incentives to biotech companies and the people who invest in them. By passing our legislation Congress would take a crucial step towards encouraging the growth of one of our most promising industries. Many biotechnology companies are based in my district in the city of Worcester, MA, and the surrounding area. The amazing technology these companies are developing promises to reduce health care costs with innovative therapies that could replace costly surgeries. We urge your support for these two bills and stimulate American biotechnology.”