Placeholder Banner

New Ways & Means health package a "critical building block for future biotech innovation"

April 19, 2022
Media Contact

In an effort to secure medical supply chains and invest in the cures and treatment of the future, members of the House Ways and Means committee this week reintroduced major legislation that "ensures a healthier future for all Americans."

BIO released the following statement: 

"Small and emerging biotech companies are drivers of innovation across the country. As has been made abundantly clear throughout this pandemic, the scientists and researchers within this community work tirelessly to find solutions to the world’s most complex challenges. These companies, oftentimes with little capital to spare, are responsible for developing the lion’s share of breakthrough therapies and treatments, as well as other critical environmental and climate solutions. 

"Thanks in part to the contributions of small and emerging biotech companies, America is an innovation powerhouse. Our nation produces more new therapies than the rest of the world combined, as just one example.

"The “secret” to this success is really no secret at all; America has built an ecosystem that supports biotech companies of all sizes. This, along with our country’s world-class research institutes, helps sustain investment in critical research and development and allows scientists to bring breakthrough therapies and products to people around the world. 

"A Ways & Means package led by Health Subcommittee Ranking Member Vern Buchanan, Rep. Brad Wenstrup, DPM, Rep. Drew Ferguson, DDS, and Rep. Mike Kelly is a critical building block for future biotech innovation. By providing much-needed incentives for research, development, novel manufacturing, and more, it will allow biotech companies -- especially small startups – to do what they do best: solve the world’s most complex scientific challenges.

"BIO, representing hundreds of biotech companies, looks forward to working with lawmakers on this important legislative package."

Discover More
Biotechnology companies are hard at work on the cutting-edge innovations we need, but those breakthroughs are at risk from current tax policy. The Biotechnology Innovation Organization, which represents more than 1,000 biotech companies, thanks…
The Biotechnology Innovation Organization today announced the opening of nominations for two awards to honor significant leaders driving cutting-edge, sustainable breakthroughs in the fields of agriculture and the environment.  The George…
The licensing of university and nonprofit research has made a significant contribution to US gross domestic product (GDP), industrial gross output, and jobs over the last 25 years and underscores the importance of basic and applied research to the…