|
|
|
A Most Favored Nation (MFN) pricing agreement was announced—here’s what BIO’s saying about it. Plus, we recap BIO on the American Road in Illinois. (615 words, 3 minutes, 4 seconds) |
|
|
|
MFN threatens US biotech leadership without lowering prices, BIO warns |
|
|
A deal on Most Favored Nation (MFN) pricing will not lower prices for patients and will deter innovation that brings new treatments, BIO warns.
The deal: As part of an agreement with the White House to receive tariff exemptions, Pfizer said it would lower prices on drugs sold to Medicaid patients and offer some drugs through direct sales, to be facilitated by a new TrumpRX website.
Why it matters: “MFN will not lower the out-of-pocket prices that most Americans pay for medicines,” says a BIO statement. “Even worse, it will jeopardize the entrepreneurial spirit and deter the capital necessary for a vibrant and essential American biotechnology industry.”
The challenge: “For too many years, Americans have subsidized the research and development necessary to bring newer and better medicines to patients,” BIO says. “Today’s announcement in the Oval Office highlights the problems with a drug delivery system where half of the cost of innovative medicines goes to middlemen and distributors.”
A better solution needed: “We support a new framework that addresses the cost of medicines by simplifying the system—and making medicines directly available to patients. But importing socialist price controls through most-favored nation policies fundamentally does not address the imbalance in international pricing,” BIO says. “There are much better ways to address this problem than MFN.”
The bottom line: “Without these biotech innovators and a free-market system, we risk slower scientific progress, decreased access to new medicines, compromised national security, fewer American jobs and perhaps most tragically, a diminished hope for those suffering with illness and disease.” BIO concludes.
Read BIO's statement.
Learn more in BIO’s advocacy portal, Putting Americans First. |
|
|
|
|
|
BIO on the American Road tours Illinois’ booming biotech industry |
|
|
BIO President & CEO John F. Crowley led an Oct. 2 tour of the Illinois biotech ecosystem, part of the BIO on the American Road series investigating and highlighting biotech across America.
The Illinois life sciences industry employs 93,402 and is growing at 20 times the rate of the state’s overall private sector since 2019, at 7.5% annually, according to local BIO affiliate iBIO.
The state’s development strategy includes tax incentives for R&D, support for biotech education, infrastructure development, support for startups, and efforts to streamline regulation. The state also matches federal SBIR grants and has a venture capital fund to invest in startups.
Illinois VC invested $1.24 billion in 99 life sciences companies in 2024, according to a new iBIO report.
One success story: BIO toured COUR, a Northwestern University spin-out developing a platform to address all kinds of autoimmune diseases with nanoparticles that retrain the body to tolerate its own proteins. COUR recently signed a collaboration agreement worth approximately $940 million with Genentech.
A focus on patients: Crowley met Amy and Pat Tomasulo, whose Facial Pain Research Foundation (FPRF)—started after Amy developed trigeminal neuralgia—is ready to fund firms seeking a cure. Illinois passed the first law requiring insurance coverage for biomarker testing to provide personalized medicine.
Playing to win: Crowley told a dozen CEOs the most successful regions decide: “We want to win in biotech.” Illinois showed it has what it takes to win.
Read more on Bio.News.
|
|
|
|
|
Colorado PDAB votes to set upper payment limit on a prescription drug. Colorado’s Prescription Drug Review Board (PDAB) voted Oct. 3 to make Colorado the first state to implement an upper payment limit for a prescription drug, targeting Enbrel, an injectable medication used to treat several autoimmune conditions, ABC News in Denver reports. The Colorado PDAB set the price based on the current Maximum Fair Price that is set to go in effect in the Medicare Program in January, STAT reports. BIO has warned that these moves by Colorado’s PDAB could limit patient access to drugs.
FDA approves Genentech small cell lung cancer treatment. Tecentriq and Tecentriq Hybreza in combination with lurbinectedin (Zepzelca) are approved for maintenance treatment of adult patients with extensive-stage small cell lung cancer whose disease has not progressed after first-line induction therapy, Genentech announced on Oct. 2.
FDA approves Johnson & Johnson’s psoriasis treatment for pediatric patients. TREMFYA is approved for patients six and over living with moderate to severe plaque psoriasis who are candidates for systemic therapy or phototherapy, and those with active psoriatic arthritis. |
|
|
|
|
|
|
|
|
