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BIO Statement on President’s Proposed 2018 Budget

Biotechnology Innovation Organization (BIO) President and CEO Jim Greenwood issued the following statement in response to President Trump’s FY 2018 budget proposal.

Washington, DC (May 23, 2017) – Biotechnology Innovation Organization (BIO) President and CEO Jim Greenwood issued the following statement in response to President Trump’s FY 2018 budget proposal:

“While we are still reviewing the details of today’s proposed budget, we are encouraged by the proposals to clarify the treatment of value-based purchasing arrangements and to promote enhanced sharing of scientifically sound information between manufacturers and payers.  These proposals have the potential to reduce costs and drive smarter spending within our health care system, and are consistent with the major recommendations endorsed last week by BIO and the Council for Affordable Health Coverage, a broad coalition including patient and consumer advocacy groups, employers, insurers, pharmacy benefit managers, and biopharmaceutical companies.

“We also are pleased with the proposed repeal of the Independent Payment Advisory Board (IPAB), an unelected and unaccountable board which threatens to come between patients and their healthcare providers when deciding upon the best course of treatment.

“However, we have concerns about the proposed re-opening of technical FDA user fee negotiations as well as some of the proposed funding levels for key scientific and public health preparedness programs.  We look forward to working with Members of Congress on both sides of the aisle, as well as the Administration, to ensure that these critical programs supporting public health and basic biomedical and biobased technologies research receive adequate funding.”

About BIO

BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.