Advances in biotechnology continue to affect a wide number of industries including health care, agriculture, environmental remediation, and energy. Government policy can have a large impact on the pace of this innovation, either strengthening the incentives for investment through policies like the R&D tax credit and increased data sharing or impeding it through overly aggressive regulation and artificial price controls. ITIF filed comments in response to a request from the U.S. Office of Science and Technology Policy (OSTP) for information on the bioeconomy. These comments describe ways in which biotechnology can transform many areas of the economy and suggest specific proposals that Congress and the Administration can pursue to make this promise a reality.