[Congressional Record Volume 140, Number 45 (Thursday, April 21, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: April 21, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                 STIMULATING THE BIOTECHNICAL INDUSTRY

  (Mr. BLUTE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. BLUTE. Mr. Speaker, in 1980 the biotechnology industry was 
basically nonexistent. In the year 2000 revenues could potentially 
reach $60 billion. Unfortunately, this growth is in jeopardy, certain 
health care reform proposals and other Government regulations looming 
on the horizon could doom expected growth in the industry.
  It is with that in mind that I, along with our distinguished 
colleague from California [Ms. Eshoo] introduced two bills aimed at 
stimulating biotechnology research and development. H.R. 4211, the 
Biotechnology Competitiveness Act of 1994, would instruct the Office of 
Science and Technology Policy to strongly coordinate Federal assistance 
to biotech research. And H.R. 4212, the Biotechnology Stimulus Act of 
1994, would provide important tax incentives to biotech companies and 
the people who invest in them.
  By passing our legislation Congress would take a crucial step towards 
encouraging the growth of one of our most promising industries.
  Many biotechnology companies are based in my district in the city of 
Worcester, MA, and the surrounding area.
  The amazing technology these companies are developing promises to 
reduce health care costs with innovative therapies that could replace 
costly surgeries.
  We urge your support for these two bills and stimulate American 
biotechnology.

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