BIO Statement on Proposed Rule to Implement Comprehensive Outbound Investment National Security (COINS) Act

WASHINGTON, D.C. – John F. Crowley, President and CEO of the Biotechnology Innovation Organization (BIO), released the following statement on the proposed Outbound Investment Security Program (OISP) rule:

"The Administration is correct that biotechnology is a strategic technology industry for the United States.  We need policies and initiatives that maintain and advance our global leadership in biotech, particularly as we compete with China.  The details of the proposed Treasury Department rules matter. We cannot restrict our way to success. As Treasury considers comments on the proposed rule, we need to ensure that we do not have an overly broad approach that would create uncertainty for innovators and investors, and that may unintentionally risk weakening U.S. biotech competitiveness. BIO is committed to continue working with policymakers to safeguard our national security and ensuring that America remains the world's leading engine of biomedical innovation and scientific discovery.”

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