WASHINGTON, D.C. – John F. Crowley, President and CEO of the Biotechnology Innovation Organization (BIO), released the following statement on passage of the One, Big, Beautiful Bill Act (OBBBA):
“The OBBBA contains important bipartisan provisions that address the needs of companies developing medicines for some of the hardest to treat rare diseases and fixes provisions of the tax code that will allow small, emerging companies to be more nimble and more focused on getting innovative medicines from the lab bench to a patient’s bedside.
"The first provision amended the Inflation Reduction Act to encourage critical, follow-on investment into rare disease research. Its passage is a major, life-saving victory for rare disease patients too often overlooked by our society. The second allows for the immediate deduction of research and development costs.
"These have been long-time priorities for innovators and patients and will help strengthen America’s leadership in biotechnology, while ensuring continued investment in new medicines that will transform the standard of care for devastating diseases."
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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.