"The United States has relied too heavily on foreign materials and bioproduction, and our past off-shoring of critical industries, including biotechnology, threatens our ability to access materials like important chemicals and active pharmaceutical ingredients," the White House said in a press release.
The initiative is intended to realize the potential of biology that "can make almost anything that we use in our day-to-day lives, from medicines to fuels to plastics, and continue to drive US innovation into economic and societal success," the release added.
The White House will host a summit on the initiative on Wednesday, during which cabinet agencies will announce new investments and resources. The initiative is intended to accelerate biotechnology innovation and grow the US bioeconomy across multiple sectors, including health, agriculture, and energy. It will also support advances in biomanufacturing to create strong domestic supply chains.