Senate lawmakers today passed a sweeping, $740 billion reconciliation package after an all-night session. Following the vote, Dr. Michelle McMurry-Heath, president and CEO of the Biotechnology Innovation Organization (BIO), made the following statement: "Nothing we heard from the lengthy floor debate on the Senate floor over the past two days can take away from the fact that every credible analysis of the Inflation Reduction Act comes to the same conclusion: fewer cures for patients.  For that reason, we remain in staunch opposition to the government price control schemes included in the final reconciliation package passed today.  "While we have frequently voiced our support for the Part D out-of-pocket cap included in the bill, we have also repeatedly warned of the policy’s drastic and unnecessary blow to cures and therapies. Its passage today has built new barriers to battling current and future deadly pandemics, health inequality, and finding treatments for rare and hard-to-treat diseases.  "Concerningly, small biotech companies, which are responsible for the lion's share of medical innovation, will bear the brunt of these consequences; these companies rely on a healthy investment environment to stay afloat and bring lifesaving therapies to patients. We applaud those Senators who attempted to exempt the work of these pioneering companies – and the millions of Americans who work within the innovation ecosystem.  "By choking off critical private investment in future R&D for companies of all sizes, the bill will set back the next generation of lifesaving cures and treatments patients are relying on -- and cost hundreds of thousands of Americans their livelihoods in the process. "It also marks a missed opportunity by this Congress to address the true cause of rising out-of-pocket costs for patients. We greatly appreciate the attempt to include reforms to the PBM rebate system that would have helped patients at…

As Senate lawmakers look to finalize a budget reconciliation package this weekend, Dr. Michelle McMurry-Heath, president and CEO of the Biotechnology Innovation Organization (BIO), released the following statement related to price controls within the bill: "Mere hours after the White House declared Monkeypox a public health emergency, lawmakers in the Senate are on the precipice of passing a bill that would drain vital resources from the scientists and researchers working to develop the vaccines and therapies needed to address the world’s medical challenges. The legislative package under consideration would be a significant blow to America’s innovation ecosystem. "Let’s be clear about what’s at stake for patients. "This bill is a direct blow to both current and future patients waiting on cures and novel treatments for rare and hard-to-treat diseases. According to a new study, passage of the bill in its current state means billions of dollars in lost investment for future R&D. "This bill creates billions of dollars in market distortions that will slow critical investments in future research and development, stall drug innovation, and ensure the next generation of groundbreaking therapies remains out of reach for American patients. "On top of destroying hope for vulnerable patients, it would be a death knell for hundreds of thousands of U.S. biotech jobs. "For many years BIO has advocated to cap the amount patients pay at the drug stores and at least this bill took our suggestion and included an out-of-pocket cap. Unfortunately, this will be cold comfort for those Medicare patients as the bill does nothing to address the middlemen within the drug supply chain responsible for inflating drug prices.  "The anti-science price controls in the reconciliation are far from simply misguided policy; they’re downright reckless – and a disservice to millions of American patients."