WASHINGTON, D.C. – John F. Crowley, President and CEO of the Biotechnology Innovation Organization (BIO) released the following statement on Most Favored Nation policies:"For too many years, Americans have subsidized the research and development necessary to bring newer and better medicines to patients around the world. As we saw with defense spending and NATO, the solution is not to weaken a strategically important American industry, but for other countries to pay their fair share.“Today’s announcement in the Oval Office highlights the problems with a drug delivery system where half of the cost of innovative medicines goes to middlemen and distributors, and where the supply chain distorts prices paid by the American people. We support a new framework that addresses the cost of medicines by simplifying the system - and making medicines directly available to patients.  “But importing socialist price controls through most-favored nation policies fundamentally does not address the imbalance in international pricing for innovative medicines. MFN will not lower the out-of-pocket prices that most Americans pay for medicines.  Even worse, it will jeopardize the entrepreneurial spirit and deter the capital necessary for a vibrant and essential American biotechnology industry to thrive and may cause most harm to small and midsize biotech companies, which are responsible for discovering more than half of all new treatments.“Without these biotech innovators and a free-market system, we risk slower scientific progress, decreased access to new medicines, compromised national security, fewer American jobs and perhaps most tragically, a diminished hope for those suffering with illness and disease.  There are much better ways to address this problem than MFN.”###About the Biotechnology Innovation Organization (BIO)BIO is the premier biotechnology advocacy organization representing biotech companies,…

WASHINGTON, D.C. – John F. Crowley, President and CEO of the Biotechnology Innovation Organization (BIO) released the following statement on the potential for 100% tariffs on branded or patented medicines in the US:“We share the Administration’s goals for accelerating the onshoring of biomanufacturing in the United States. That is why the biopharmaceutical industry has announced more than $350 billion in US biomanufacturing investments this year alone. “The immediacy of punitive, 100% tariffs on innovative medicines for any company without ‘shovels in the ground’ would devastate our nation’s small and mid-sized biotechnology companies. These 3,000+ companies are the heart and soul of America’s vitally important biotechnology industry. Most of these companies do not have access to the significant capital needed to immediately establish manufacturing in the US. Due to the complexity and capital-intensive nature of biomanufacturing, the vast majority of these small-to mid-size biotech innovators rely on contract manufacturers to produce their medicines. These companies especially need time and stability in both the policy environment and capital markets to explore domestic manufacture of their often life-saving medicines, many of which are for rare and fatal diseases, often in children.“Immediate tariffs in the biotechnology industry threaten America’s health, national security, economic stability, and place as the world’s leader in biotechnology. They would also devastate our industry and accelerate China’s path to biotech dominance – which we cannot see happen.” ### About the Biotechnology Innovation Organization (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…