WASHINGTON, D.C. – John F. Crowley, President and CEO of the Biotechnology Innovation Organization (BIO) released the following statement on the potential for 100% tariffs on branded or patented medicines in the US:
“We share the Administration’s goals for accelerating the onshoring of biomanufacturing in the United States. That is why the biopharmaceutical industry has announced more than $350 billion in US biomanufacturing investments this year alone.
“The immediacy of punitive, 100% tariffs on innovative medicines for any company without ‘shovels in the ground’ would devastate our nation’s small and mid-sized biotechnology companies. These 3,000+ companies are the heart and soul of America’s vitally important biotechnology industry. Most of these companies do not have access to the significant capital needed to immediately establish manufacturing in the US. Due to the complexity and capital-intensive nature of biomanufacturing, the vast majority of these small-to mid-size biotech innovators rely on contract manufacturers to produce their medicines. These companies especially need time and stability in both the policy environment and capital markets to explore domestic manufacture of their often life-saving medicines, many of which are for rare and fatal diseases, often in children.
“Immediate tariffs in the biotechnology industry threaten America’s health, national security, economic stability, and place as the world’s leader in biotechnology. They would also devastate our industry and accelerate China’s path to biotech dominance – which we cannot see happen.”
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About the Biotechnology Innovation Organization (BIO)
BIO is the premier biotechnology advocacy organization representing biotech companies, industry leaders, and state biotech associations in the United States and more than 35 countries around the globe. BIO members range from biotech start-ups to some of the world’s largest biopharmaceutical companies – all united by the same goal: to develop medical and scientific breakthroughs that prevent and fight disease, restore health, and improve patients’ lives. BIO also organizes the BIO International Convention and a series of annual conferences that drive partnerships, investment, and progress within the sector. Learn more at bio.org.