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We look at why access to innovation matters and the need to put international prices in perspective. (707 words, 3 minutes, 32 seconds) |
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Bio.News is launching a new series that takes a closer look at the real issues: Why access to innovation matters most, and how international price comparisons are often taken out of context. Read and share:
No medicine is more expensive than the one patients can’t access: The most notable differences between the pharmaceutical market in the U.S. and those in other countries are not in the prices. They’re in the ability of the citizens to access breakthrough innovation. The U.S. has built a system to ensure that availability of medicines is enabled—not restricted—by the government. Read more on Bio.News.
International prices in context: It is often taken as a given that drug prices in the United States are higher than those in other nations. In truth:
- Americans spend about 12% on retail prescription drugs, the same percentage of overall health spending as other countries.
- Differences in spending should be adjusted to account for different purchasing power between countries.
- When factoring in the volume and price of generic medicines, drug costs in the U.S. are lower than elsewhere in the world.
BIO’s view: The cost of medicine in the U.S. must be viewed in a broad context, including how the high prices of other medical products and services compare to international prices and how those differences boost the value of medicines in the U.S. market. The role of generic medicines in creating budgetary headroom for breakthroughs can’t be underestimated and is at the core of a compromise that allows American patients both the most innovative new medicines and the lowest-cost generics. Read more on Bio.News.
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BIO in Washington Post: ‘Patent fee could upend American innovation’ |
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“A new patent fee could upend American innovation,” Dr. Hans Sauer, BIO’s Deputy General Counsel and VP for Intellectual Property, writes in today’s Washington Post.
What’s happening: “The Commerce Department is mulling a change to the 235-year-old patent system that would impair American start-ups. The move—intended to raise revenue and narrow the deficit—would hike fees by charging patent holders up to 5 percent of a patent’s assessed value. That’s bad for business,” Sauer writes.
Why it matters: “The proposed scheme would treat ideas as taxable property, imposing an annual charge on the very act of invention. If enacted, it would devastate innovation by punishing risk-taking in critical fields such as biotechnology, semiconductors and artificial intelligence,” he continues.
Bottom line: “Taxing invention would signal that America no longer values inventors. By slowing innovation, driving talent abroad and eroding our leadership in critical technologies, the new patent fees would jeopardize competitiveness. The U.S. should reject this proposal before it inflicts lasting damage,” Sauer concludes.
Read more here. |
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BIO’s Texas visit will highlight a growing biotech ecosystem |
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BIO President & CEO John F. Crowley will lead a visit to Texas today and tomorrow to learn about the state’s biotech ecosystem, part of the BIO on the American Road tour.
Why it matters: Employing 129,245 and adding $95 billion in annual economic output, Texas’s biotech sector is backed by the most Tier 1 research universities of any state and Texas Medical Center (TMC), the largest medical complex in the world.
In Houston: Crowley will meet with senior leaders from the MD Anderson Cancer Care Center, TMC, and Rice University, among others. Crowley and others from BIO will also join a workshop discussion, “Enhancing US Biotechnology Security within the Houston Medical Ecosystem.”
In Dallas: At the BioNTX iC³® Life Science & Healthcare Innovation Summit, Crowley will receive the Dennis K. Stone Award, recognizing scientific excellence, leadership, and a commitment to human health. He will join panels on security and biotech and Texas biotech’s future and meet with patient advocates in the state.
Crowley’s take: “To be recognized in Dr. Stone’s name is an incredible honor, and I share this recognition with the countless innovators and patient advocates who drive progress every day. Together, we are pursuing cures and treatments that will improve the lives of patients and people around the world,” he said.
Read more on Bio.News. |
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Three years into implementation of the Inflation Reduction Act (IRA) act, patient access to treatments is jeopardized. Panelists in BIO’s last Patient Advocacy Coffee Chat detailed several problems. Changes to the Part D benefit design already incentivize insurers to restrict formularies and increase utilization management. Come next January, when the first "negotiated" drug prices take effect at the pharmacy counter, implementation challenges may also lead independent pharmacies to no longer carry some of these drugs. And physician reimbursement challenges for “Part B drugs,” which are administered in a clinical setting, may mean that providers such as infusion centers can no longer afford to administer drugs subjected to government price setting. Panelists explained the impacts on patients and care partners, and advocated for legislation to address these challenges. Read more here.
Alternative funding programs (AFPs) undermine affordability, access, and care, patient advocates told a bipartisan Capitol Hill briefing. Advocates from Cancer Care, the AFP Task Force, and other non-profits explained threats of AFPs, including treatment delays, interruptions to care, unexpected costs, and potential patient safety issues. The Sept. 10 briefing also covered how AFPs may violate key legal protections. The hosts of the briefing, Reps. Rick Allen (R-GA) and Lucy McBath (D-GA), discussed the need to protect consumers from middlemen in order to simplify the system for the benefit of patients. Read more about AFPs.
Eli Lilly AI platform makes $1B in research available to biotechs. Lilly TuneLab, which launched last week, is an AI and machine learning platform providing access to drug discovery models trained on years of Lilly's research data. “Lilly TuneLab is powered by Lilly's full drug disposition, safety, and preclinical datasets representing experimental data obtained with hundreds of thousands of unique molecules,” Lilly announced. The first release of AI models includes proprietary data obtained at a cost of over $1 billion. |
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BIO President and CEO John F. Crowley led a mission to the UK in early September (above). He joined a reception where he highlighted the strength of the U.S.–UK partnership in driving global health innovation. Crowley also met Lord Patrick Vallance, the UK's Minister of State for Science, Research and Innovation; Varun Chandra, Advisor on Business to the Prime Minister; Axel Heitmueller, Expert Advisor on Health; and Dr. Lawrence Tallon, CEO at the UK’s Medicines and Healthcare products Regulatory Agency (MHRA). |
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The Senate Health, Education, Labor & Pensions Committee will hear testimony from Susan Monarez, the former director of the Centers for Disease Control and Prevention (CDC), and Debra Houry, M.D., former CDC chief science and medical officer, in a Sept. 17 hearing. The same day, the House and Senate will explore seniors’ access to medicines in two separate hearings. |
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