Washington, DC (March 5, 2014) – Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood issued the following statement in response to President Obama’s FY 2015 budget proposal:
“Many of the provisions included in this budget proposal would jeopardize the continued biotech research and development that is necessary to find cures and breakthrough medicines for patients living with debilitating and life-threatening diseases.
“The Administration’s proposal to reduce the period of regulatory data protection for innovative biologics manufacturers will discourage biotech innovation. The 12-year term of data protection for biologics included in the Affordable Care Act received widespread bipartisan support in the Congress during the consideration of the biosimilar pathway and is now settled U.S. law. A reduction in this period will jeopardize the careful balance established in the law to reduce costs, expand access, and encourage continued innovation that will create good, high-paying biotech jobs and lead to breakthrough therapies and cures for deadly diseases.
“We also oppose any cuts to Medicare Parts B and D. Medicare Parts B and D are both working well. Regarding Medicare Part B, this program is both saving money and ensuring access to important therapies in physicians’ offices. As it relates to Part D, consumers are overwhelmingly pleased with this benefit, and private competition between various drug plans keeps costs down. We should not disrupt these successful programs by adding unnecessary changes.
“While we believe many of these proposals could undercut innovation, we support the call for a permanent R&D tax credit and the long-term extension of the advanced biofuels tax credit. Stable, forward-looking policy levels the playing field for companies commercializing new technologies and enables them to attract private investment.
“We will continue to work with President Obama, members of his Administration and the Congress in pursuit of public policies that encourage investment in biotech innovation.”
For more information on the biotech industry, please visit www.bio.org.
BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO’s blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.