The U.S. must fund more biotech innovation – or other countries will catch up faster than you think

The U.S. must fund more biotech innovation – or other countries will catch up faster than you think

In the coming years, U.S. market share in biotech will decline unless the federal government makes investments to improve the quality and quantity of U.S. research, writes the author.

Photo by Eric Prouzet on Unsplash

The U.S. has approximately 58 percent of the market share in the biotech sector, followed by China with 11 percent. However, this market share is the result of several years of previous research and development (R&D) – it is a present picture of what happened in the past. In the future, this market share will decline unless the federal government makes investments to improve the quality and quantity of U.S. research in biotech.

The effectiveness of current R&D can be evaluated in a variety of ways such as monies invested and the number of patents filed. According to the UNESCO Institute for Statistics, the U.S. spends approximately 2.7 percent of GDP on R&D ($476,459.0M), whereas China spends 2 percent ($346,266.3M). However, investment levels do not necessarily translate into goods that end up contributing to innovation.

Patents are a better indication of innovation. The biotech industry relies on patents to protect their investments, making patenting a key tool in the process of translating scientific discoveries that can ultimately benefit patients. In 2020, China filed 1,497,159 patents, a 6.9 percent increase in growth rate. In contrast, the U.S. filed 597,172, a 3.9 percent decline. When it comes to patents filed, China has approximately 45 percent of the world share compared to 18 percent for the U.S.

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Dr. de Rivero Vaccari is an Associate Professor of Neurosurgery at the University of Miami Miller School of Medicine and a Public Voices Fellow of The OpEd Project. His research focuses on understanding the molecular mechanisms of inflammation in the central nervous system after injury and disease with the goal of identifying therapeutic targets that can be used for the development of anti-inflammatory therapies.
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Kenna Hughes-Castleberry
Kenna Hughes-Castleberry is a writer, podcaster, and science communicator. She currently works as the Science Communicator at JILA and is the Editor-in-Chief of their journal Light & Matter. She is also a freelance science journalist and writes for Inside Quantum Technology as a freelance staff editor. Her beats include deep technology, quantum technology, metaverse technology, and diversity within these industries. Kenna’s work has been featured in various publications including Scientific American, Discover Magazine, Ars Technica, Physics.org, Inside Quantum Technology, The Quantum Insider, The Deep Tech Insider, the Metaverse Insider, The Debrief, and Octonation. She currently sits on the board of SWARM (Science Writers Association of the Rocky Mountains) as well as teaches science writing to graduate students at JILA. You can find her on Twitter and Instagram: @kennaculture