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Bioengineering [Reshoring Tracker]

Bioengineering [Reshoring Tracker]

Bioengineering [Reshoring Tracker]

Welcome to Thomas Insights — every day, we publish the latest news and analysis to keep our readers up to date on what’s happening in industry. Sign up here to get the day’s top stories delivered straight to your inbox. Bioengineering, which applies engineering design and principles to biological systems, promises to transform healthcare as we know it. Today, cell therapies are helping to treat patients with rare diseases; Phage therapy is serving as an alternative to antibiotic treatment; robotic surgery is enabling doctors to perform a higher number of minimally invasive surgeries; and advances in tissue engineering are helping scientists better understand the impacts of certain diseases, health treatments, and lifestyle changes. But we’ve barely scratched the surface of what’s achievable. Indeed, the field of bioengineering is a hotbed of innovation, with talk of 3D-printed blood vessel transplants, telesurgeries, and eradicating the world’s most common diseases. The Bioengineering Business Is Booming in the U.S. In 2010, CNN reported that biomedical engineering would be the fastest-growing occupation in the United States, driven by the demand for new treatments for diseases and the increasingly higher expectations of aging patients to maintain an active lifestyle. The publication was right to predict a bioengineering boom. Today, there are 2,880 biotechnology businesses in the U.S. and the industry continues to create new and exciting opportunities for bioengineers and associated workers. Between 2019 and 2020 , when COVID-19 impacted various sectors, the biotech industry experienced double-digit annual growth in fundraising from VCs and deals such as partnerships, co-developments, and joint ventures. Looking ahead, employment of bioengineers and biomedical engineers is projected to grow 10% from 2021 to 2031 , faster than the average for all occupations. The industry also has ongoing support from the Biden Administration. In September 2022, President Joe Biden outlined how a $2 billion investment would be used to advance his National Biotechnology and Biomanufacturing Initiative. This initiative is designed to create new jobs, decrease prices, bolster supply chains, lower carbon emissions, and improve health outcomes. As much as $1 billion will go to bioindustrial domestic manufacturing infrastructure, $68 million will be used to train the next generation of research and education professionals, and $40 million will expand the role of biomanufacturing for active pharmaceutical ingredients (APIs), antibiotics, and the key starting materials needed to produce essential medications and respond to pandemics. Below, we provide the latest news on bioengineering businesses in the United States. The most recent updates will appear at the top of the article. December 2022 In December 2022, Yahoo names Celgene as one of the 15 most creative companies in the world. The New Jersey-based American pharmaceutical company develops treatments for plasma cell cancer, anemia, ovarian cancer, and leukemia. In 2019, the company was acquired by pharmaceutical giant Bristol Myers for a staggering $79 billion — making it the largest deal ever for the pharmaceutical industry. In December 2022, American biopharmaceutical company Vertex announces it would invest $250 million in fellow Boston-based biotechnology company Entrada Therapeutics . This investment works to develop treatments for myotonic dystrophy type 1, or DM1, a rare muscle disease. The investment will earn Vertex the right to develop DM1 drugs created through Entrada’s Endosomal Escape Vehicle, or EEV technology platform. Opna Bio announced it raised $38 million in Series A financing. The San Francisco-based biopharmaceutical company is focused on developing novel oncology therapeutics. This funding will go toward developing “novel fragile-X mental retardation protein (FMRP) inhibitors in oncology,” as well as a rich pipeline of validated oncology drugs. November 2022 To prepare the next generation of dental science leaders for advances in bioengineering, Columbia University launched a new dual degree program: the Doctor of Dental Surgery/Doctor of Philosophy in Biomedical Engineering (DDS/PhD). This first-of-its-kind program will welcome its first cohort in 2023. “We need more dental scientists who can adapt and translate basic science findings into dental health care applications,” said Sunil Wadhwa Leuman M. Waugh, DDS Associate Professor of Orthodontics. July 2022 Advances in bioengineering aren’t limited to a medical setting. The field is also supporting the rise of cell-based meat. Regarding lab-cultivated meat, Vow Food believes there is an opportunity to explore new and unconventional forms of meat. The company already has a quail-type product it cultivated in a lab but hopes to add more adventurous types of meat, such as crocodile and alpaca. CEO George Peppou believes that consumers will adapt to the lab meat concept if they’re getting something they don’t already have. Boston has long been recognized […]

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Daisie Hobson

Daisie Hobson is a Director at the Reshoring Institute and an engineer with many years of experience in manufacturing and project management.

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