Incentives to Develop Medicines for Neglected Diseases Highlighted at 2008 BIO International Convention

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WASHINGTON, D.C. (Wednesday, June 18, 2008) - The Biotechnology Industry Organization (BIO) announced today the release of a paper outlining incentives to encourage innovation for neglected diseases.  The paper, written by BIO’s health economist Ted Buckley, PhD, is being released during the 2008 BIO International Convention, taking place June 17-20, 2008 at the San Diego Convention Center in San Diego, Calif.

“Neglected diseases are a scourge of the developing world and the biotechnology industry holds great promise for producing medicines that will ultimately alleviate suffering and save lives,” said Jim Greenwood, BIO president and CEO. “By analyzing the advantages and challenges of the various proposed incentives, we can engage in a discussion that will ultimately lead to market-based changes.”

The paper, titled, “Ideas to Encourage Innovation for Diseases without a Market,” lays out incentives that have been proposed to encourage companies to engage in R&D for neglected diseases along with advantages and challenges associated with the different ideas. Incentives highlighted in the paper include advanced market commitments, tax incentives for R&D, priority review vouchers, transferable exclusivity, prizes and Track II patents.

Coinciding with the 2008 BIO International Convention, there will also be a “Think and Drink” discussion on pharmaceutical prizes and whether or not they can incentivize the market. The discussion will be held Thursday, June 19 from 5:00 p.m. – 6:30 p.m and is being led by Greg Simon of Faster Cures, whose mission is to identify and implement global solutions to accelerate the process of discovery and clinical development of new therapies for the treatment of deadly and debilitating diseases. 

The BIO International Convention highlights how biotechnology, the life sciences, investments, policy, and the international community work together to heal, fuel, and feed the world. 

The BIO International Convention helps to support the association’s programs and initiatives. BIO works throughout the year to create a policy environment that enables the industry to continue to fulfill its vision of bettering the world through biotechnology innovation.  For more information on the global event for biotechnology, please visit www.bio2008.org

A copy of the paper can be accessed at http://www.bio.org/content/ideas-encourage-innovation-diseases-without-market.

About BIO
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.