Biden to announce new support for US biotech production

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — President Joe Biden is announcing a new initiative to encourage biotech production and research in the U.S. It’s the latest move by the White House to boost domestic industry. Biden on Monday signed an executive order launching the initiative and later in Boston will address how biotech can help fight cancer during a visit to the John F. Kennedy Presidential Library. On Wednesday, the Democratic president’s administration will host a summit and announce new investments from several federal agencies. A senior administration official says the White House wants to support manufacturing biotech products developed in the U.S., rather than seeing American innovations produced abroad.