Soybean Biotech Approval Delays Could Cost Farmers and Consumers Billions
A new white paper titled The Potential Economic Impacts of Delayed Biotech Innovation in Soybeans developed by member of the International Soybean Growers Alliance (ISGA) and researchers at the University of Missouri, has concluded that within the next ten years, if soybean biotech approvals are delayed by three years, it will cost farmers and consumers nearly $19 billion.
International soybean trade supports not only farmers and buyers, but stakeholders in each stage of the supply chain as well, and delays that result in trade disruptions have a significant economic effect upon all involved.
Industry leaders and researchers are calling for a coordinated effort between North America, South America and China in particular, to establish timely international approval timelines for newly developed soybean trait advances. Growers in the world’s main producing countries of the U.S., Brazil, and Argentina, and consumers in the world’s top consuming countries of China, and nations in the EU, will see the most economic loss due to approval delays according to the paper.
"Timely, science-based approvals are crucial in ensuring increased productivity to meet global supply demands," says Laura Foell, U.S. Soybean Export Council (USSEC) chair. "This mission provided an opportunity for the world's largest soy producers and consumers to learn that resolving approval delays will benefit everyone along the supply chain."