Albert Russell Wynn: “the amendment that I am proposing will make sure that the biotechnology research and innovation are included under TIP's…”

“the amendment that I am proposing will make sure that the biotechnology research and innovation are included under TIP's funding objectives by expanding the definition of enabling technologies in section 204 of the bill to include ``any technological application that uses biological systems, living organisms or derivatives thereof to make or modify products or processes for specific use.'' Biotechnology is an emerging segment of the technology sector often overlooked as an excellent source of manufacturing jobs and research and development. The biotechnology industry is a driving force in the Maryland economy and a rising sector of the American economy. In the United States, the biotechnology industry has created more than 200 new therapies and vaccines, including products to treat cancer, diabetes, HIV/AIDS and anti-autoimmune disorders. The industry continues to develop innovative therapies over 400 products are currently in clinical trials targeting over 200 diseases. The biotechnology industry is comprised of mostly small start-ups that don't have an existing stream of revenue and are years away from product commercialization. It takes at least 8 years, and then up to $1.2 billion to get a biotechnology therapy approved. It is these small companies, many of which will never see a product come to market or turn a product that are undertaking the bulk of early development gambles and working toward innovative cures.”