WASHINGTON--(BUSINESS WIRE)--Today, MichBio, a leading voice for the biosciences industry in Michigan, thanked Sen. Debbie Stabenow (D-MI) for hosting the Senate Agriculture Committee’s field hearing in Michigan, focused on “Growing Jobs and Economic Opportunity: Perspectives on the 2018 Farm Bill from Michigan”.
Stephen Rapundalo, MichBio president and CEO, released the following comments:
“Industrial biotechnology and the biobased economy contribute billions of dollars in economic activity each year, as well as millions of jobs. We are poised for continued growth, and the Farm Bill energy title provides critical tools for unleashing this potential advancement.
“We are grateful for Sen. Stabenow’s leadership developing the energy title in the 2014 Farm Bill with expanded eligibility for renewable chemicals and mandatory funding. Due to her efforts, we have seen firsthand the economic benefits the biobased economy can provide for our rural communities and manufacturers.
“Through the last Farm Bill, the energy title received $881 million in mandatory funds – less than 1 percent of the overall Farm Bill budget. Yet this small amount of funding has provided huge results to our economy: the biobased products industry contributed $393 billion to the U.S. economy and generated or supported 4.2 million jobs in 2014. In Michigan alone, the biobased product industry generates nearly 82,000 jobs and $2.9 billion in economic activity.
“Reauthorization of the energy title with mandatory funding for programs is critical for the success of our biobased companies, enabling companies to secure the necessary funding to commercialize innovative technologies.
“We look forward to continuing to work with Sen. Stabenow to reauthorize the energy title with mandatory funding for the technologies and facilities producing advanced biofuels, renewable chemicals, and biobased products.”
MichBio is committed to driving growth in Michigan's biosciences industry and its many sectors, including agri-biotech, food and nutrition, bio-based technologies and renewable chemicals, industrial and environmental biotech, medical devices and technologies, pharmaceuticals and consumer healthcare, diagnostics and research products, testing and research services, and clinical research. MichBio members include bioscience companies, academic and research institutions, bioscience service providers, and related organizations. For more information, visit www.michbio.org or follow us on Twitter @MichBio.