Ventria Bioscience

Ventria Bioscience and the Controversy over Plant-Made Medicines

Corporate Social Responsibility

Goals

Commercialization

Ventria Bioscience (VB) has had the goal of commercializing medical proteins in rice since its very inception as Applied Phytologics. The production and sale of rice that provides medical and nutritional benefits to organizations that serve vulnerable populations is the core business of VB.

Regulatory Approval

VB requires federal and regulatory approval to bring genetically modified (GM) foods to market. The Food and Drug Administration (FDA), the Environmental Protection Agency (EPA), and the U.S. Department of Agriculture (USDA) are the regulatory bodies that VB must engage with to obtain the necessary approvals for the production of GM crops.

Commercial Production

Producing quantities of GM rice that will support commercial production and sales is the ultimate goal of the company.

Recommendations

While VB has secured venture capital funding in the past and has received more than 85% of its funding from board members and their organizations since 2000, the company would be well advised to work towards either taking the company public via an Initial Public Offering (IPO) or being acquired by a larger company (Lawrence, 2011, p.492). The infusion of capital from either source would enable VB to address the inevitable and numerous legal obstacles that will be encountered as the company gets closer to bringing GM food products to market.

VB should continue to keep abreast of regulatory changes at the FDA, EPA, and USDA that may impact the development, production, or sale of GM food products. The company has met with favorable rulings with regard to the classification, suitability, and viability of GM food products from each of the agencies thus far. However, it is important that VB continue to proactively hold an open dialogue with each agency to benefit from the trust that transparency brings.

VB is advised to continue to work...