House passes bills to support startups

The House passed two bills—that BIO supports—that would help biotech startups. Plus, a recent poll finds likely voters want Medicare to cover FDA-approved Alzheimer’s treatments. (606 words, 3 minutes, 1 second)

House passes BIO-backed bills to support startups

Two bills to create a healthy investment environment for biotech startups passed the House late yesterday with large bipartisan backing—and BIO supports them. 

The Small Entity Update Act requires the Securities and Exchange Commission (SEC) to periodically review the definition of a “small entity,” among other issues, to ensure startups in need qualify for regulatory support in going public.

The Promoting Opportunities for Non-Traditional Capital Formation Actrequires the SEC’s Advocate for Small Business Capital Formation to provide education and host events to promote capital-raising options for underrepresented small businesses and businesses in rural areas.

Why it matters: “One of the great challenges early-stage biotech companies face is raising the millions necessary to fund their R&D, which can take over a decade before they bring a product to market,” said David Lachmann, BIO’s Senior Director for Federal Government Relations.

Bridging the gap: These bills would help startups get the early support they need—read more in Bio.News.

What happens next: The legislation will go to the Senate, where the bipartisan support in the House bodes well for eventual passage.

BIO’s take: Biotech startups need support in funding R&D according to Lachmann. “BIO has been working with Members of Congress to enact reforms to reduce costly regulatory burdens and help draw new investment to these cutting-edge innovators.”

Voters want Medicare to cover FDA-approved Alzheimer's treatments

Eight in 10 voters from both parties want Medicare to cover the cost of FDA-approved drugs that can slow the progression of Alzheimer’s disease, finds a survey published last week.

Why this poll is important: Centers for Medicare & Medicaid Services (CMS) is severely limiting coverage for an entire class of new Alzheimer’s therapies with Food and Drug Administration (FDA) approval. BIO and others criticized the decision, saying it undercuts FDA’s authority and expertise.

It’s personal: More than half of respondents know someone with Alzheimer’s, about 40% have a family member with the disease, and one-quarter have cared for someone with Alzheimer’s.

Some specifics:

• 83% agree (74% strongly agree) Congress should require Medicare to cover FDA-approved treatments that can slow progression of Alzheimer’s.
• 74% agree (63% strongly) President Biden should require Medicare to cover these treatments.
• 89% agree (80% strongly) Medicare should be required to cover FDA-approved drugs.

Consensus: Strong support was found “across gender, age, race, party identification, region, 2020 presidential ballot, and connection to Alzheimer’s,” the survey shows.

What they’re saying: “Voters are looking to lawmakers to ensure that everyone who can benefit from FDA-approved treatments for Alzheimer’s has access to them,” says George Vradenburg, Chair of UsAgainstAlzheimer's, one of the groups that commissioned the survey. 

About the survey: 1,000 likely 2024 voters were asked about Medicare funding for Alzheimer’s drugs in a Lake Research Partners and Public Opinion Strategies survey. The survey was commissioned by four Alzheimer’s patient advocacy groups: LEAD Coalition, Alliance for Aging Research, Global Alzheimer’s Platform Foundation, and UsAgainstAlzheimer’s.

More Health News: 

Bloomberg: Eradicate breast cancer? The hunt for a vaccine looks promising.
“[T]he arrival of not just one but several breast cancer vaccine studies is an encouraging sign of the amazing progress researchers are making in harnessing the immune system to not just battle cancer, but prevent it in the first place. The potential for treating breast cancer—the most common form of cancer among US women—is huge.”

President Biden’s Wednesday: Receiving his annual briefing on extreme weather preparedness from his federal emergency preparedness and response team leaders. In the evening, flying to Colorado Springs to speak at tomorrow’s Air Force Academy commencement per CBS News.

What’s Happening on Capitol Hill: The House is expected to vote today on raising the debt limit ceiling, but the measure faces a slowdown in the Senate, Reuters reports.