WASHINGTON—Ahead of President Biden’s State of the Union address tonight, the Information Technology and Innovation Foundation (ITIF), the leading think tank for science and technology policy, released the following statement from Stephen Ezell, vice president of global innovation policy at ITIF:
ITIF applauds President Biden’s upcoming call on Congress to quickly bring to conference and pass the House’s America COMPETES Act and Senate’s United States Innovation and Competition Act, which include over $50 billion investments in semiconductor-R&D and manufacturing incentives for U.S. companies, as well as tens of billions more for scientific R&D and innovation infrastructure.
ITIF also welcomes President Biden’s announcement of $3 billion towards domestic manufacturing of advanced batteries for electric vehicles and energy storage. Other laudable mentions include America’s commitment to expanding skill-based hiring, increasing access to registered apprenticeship and training programs, and expanding STEM programs at black colleges and universities.
Separately, ITIF urges the administration to reduce the cost of prescription drugs through measures such as capping the out-of-pocket cost for consumers, reforming the pharmacy benefit management system, or increasing overall drug R&D efficiency. Policymakers should not impose simplistic drug price controls that undermine the industry’s ability to earn and reinvest returns and produce more innovative drugs.