Washington, D.C. (June 23, 2016) – Biotechnology Innovation Organization (BIO) Senior Vice President for Federal Government Relations Jeanne Haggerty released the following statement regarding H.R. 5573 and companion legislation in the Senate, which would amend the Public Health Service Act to shorten the exclusivity period for innovative biological products from 12 to 7 years:
“BIO strongly opposes H.R. 5573 and its companion bill in the Senate. This legislation would disrupt the careful balance, created by Congress with broad, bipartisan support in the Biologics Price Competition and Innovation Act (BPCIA), between the need to encourage investment in innovative, groundbreaking biological therapies and the desire to ensure that patients have increased choices offered by biosimilar products after a reasonable period of exclusivity for the innovator product. Data exclusivity of 12 years is an essential incentive for the huge risks associated with biotechnology investment. The majority of biotechnology companies are small, private start-ups, heavily reliant on venture capital investment. And these companies hold two-thirds of the industry’s innovative clinical pipeline. Undermining investment in these companies means undermining investment in the next biomedical breakthroughs for patients."
“The legislative process that produced the current U.S. system was deliberate, thoughtful, and driven by rigorous analysis. The BPCIA received overwhelming support in Congress at the committee level and in both the full House and Senate. This legislation is a short-sighted attempt to undercut the critical work that innovator companies are doing and would, if enacted, deprive patients of many new treatments and cures in the future.”
About 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.
Upcoming BIO Events
September 21-23, 2016 Bethesda, MD
| BIO IP & Diagnostics Symposium September 29, 2016 Alexandria, VA |
October 18-19, 2016 San Francisco, CA | October 26-28, 2016
|
###