Biotech: An Industry in SEARCH of Regulation

Here’s a great example of how sometimes industries actually want regulation. In this case, it’s the biotech industry, which has realized that public trust depends on establishing safeguards, and that investors aren’t as willing to gamble on technologies that don’t have clear regulatory path to the marketplace.

Here’s the story, from today’s NY Times: Without U.S. Rules, Biotech Food Lacks Investors

Here’s a snippet of the story:

Some scientists and biotechnology executives say that by having the Food and Drug Administration spell out the rules of the game, big investors would finally be willing to put up money to create a market in so-called transgenic livestock.
“Right now, it’s very hard to get any corporate investment,” said James D. Murray, a professor at the University of California, Davis, who developed the goats with the infection-fighting milk. “What studies do you need to do? What are they looking for?” he said, referring to government regulators. “That stuff’s not there.”
[So]…the biotechnology industry is actually pushing for the tougher standards.
“Our overarching goal is to have public confidence in our products,” said Barbara Glenn, the managing director for animal issues at the Biotechnology Industry Organization, a trade group. “We won’t have that unless we have a very strong review process.”

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