Donald Trump’s approach:
Regulatory Easing
Trump would likely continue his deregulation efforts. His previous presidency was characterized by attempts to reduce regulatory hurdles for the biotech industry. This could lead to faster product launches but also carries potential risks regarding safety and quality control.
Research Funding
Trump’s stance on research funding is ambivalent. While he has indicated support for higher NIH budgets, many in the industry fear cuts to research funds. A survey showed that 57.11% of biotech executives expect negative impacts on NIH research funding.
STEM Education and Workforce
There are concerns that STEM initiatives would not be a priority under Trump. 51.74% of respondents believe STEM education would be neglected. This could lead to a long-term shortage of skilled workers in the industry.
International Collaboration
Trump’s „America First“ policy could hinder international collaboration in biotechnology. There are concerns about a potential „brain drain“ as foreign scientists might be less inclined to work or stay in the US.
Kamala Harris’s Approach
Research Funding and Innovation
Harris supports stronger government funding for research and innovation. The Biden-Harris administration has already announced a $2 billion national biotechnology and biomanufacturing initiative. This suggests a continuation and possible expansion of such initiatives under Harris.
Regulation and Drug Pricing
Harris advocates for stronger regulation of the pharmaceutical industry, particularly regarding drug prices. As California’s Attorney General, she was involved in lawsuits that resulted in nearly $7.2 billion in penalties against pharmaceutical companies. She also supports Medicare negotiating drug prices.
STEM Education and Diversity
Harris has advocated for promoting diversity in STEM fields. This could lead to a more diverse and potentially more innovative workforce in the biotech industry.
International Collaboration
Unlike Trump, Harris would likely take a more open stance towards international collaboration and talent acquisition, which could benefit the global interconnectedness of the biotech industry.
Conclusion
While Trump would likely focus on deregulation and an „America First“ approach, potentially leading to more short-term flexibility for the industry, Harris would probably invest more in research and development while implementing stricter controls on drug pricing. Harris’s approach could lead to more innovation and international collaboration in the long term, while Trump’s policies might result in faster market launches but also potential risks in terms of safety and quality.
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