Testimony before House Energy and Commerce Subcommittee on Health

Paul Hastings, testifying on behalf of BIO, discussed the importance of biotechnology in providing cures to diseases, and creating high-paying jobs. In his testimony, Mr. Hastings, demonstrated how regulatory uncertainty, longer drug development timelines, and an increasing regulatory and Congressional focus on risk instead of reward has resulted in less private investment in the biotech industry. He expressed BIO's desire to work with the FDA on addressing some of these problems through PDUFA reauthorization negotiations.