Washington, D.C. (November 21, 2019) — Speaker Nancy Pelosi’s Lower Drug Costs Now Act of 2019, H.R.3, could result in at least 56 fewer new medicines for patients over 10 years, according to a new analysis from economic consulting firm Vital Transformation. The study examined the impact of foreign reference pricing provisions in H.R.3 on treatments and cures from small, emerging U.S. biotech companies that rely on venture capital to finance their research and development. The analysis was commissioned by the Pharmaceutical Research and Manufacturers of America (PhRMA), the Biotechnology Innovation Organization (BIO) and the Council of State Bioscience Associations (CSBA).According to the analysis, H.R.3 would cut revenues by more than half for companies with affected medicines, leading to a nearly 90% reduction in new medicines developed by small U.S. biotech companies. This would have a disproportionate effect on industry work with small biotech companies, forcing hard choices and moving capital away from riskier investments where the science is tougher and economic returns are less certain.The Congressional Budget Office has estimated that for the entire biopharmaceutical ecosystem, only 8-15 medicines will be stopped from coming to market over the next 10 years. However, this study shows that under H.R.3 small, emerging biotech companies alone would bring 56 fewer innovative new medicines to market over the next 10 years, down from 64 during the previous decade. After factoring in the full ecosystem of biopharmaceutical innovation, the real impact on patients gaining access to new medicines will be significantly worse than that if H.R.3 is enacted.“This report reaffirms just how destructive Speaker Pelosi’s extreme drug pricing plan will be for patients and their families,” said BIO’s president and chief executive officer Jim Greenwood. “It’s imperative that we work to make the medicines of today more affordable, and it’s…

Washington, D.C. (November 21, 2019) – Today, the Biotechnology Innovation Organization and the Low Carbon Fuels Coalition (LCFC) announced a new joint initiative to drive adoption of low carbon fuel policies in states. Both groups will work together to advance policies that will support green energy breakthroughs to decarbonize transportation—a sector that leads all others in greenhouse gas emissions.The initiative will combine BIO’s ongoing work in states and vast membership of companies developing sustainable fuels for both road and air transport with LCFC’s expertise in establishing state level market-based low carbon fuel policies. The LCFC is a technology neutral trade association dedicated to the support and expansion of market-based low carbon fuel policies.“State low carbon fuel policies are a proven driver in decarbonizing transportation,” said Stephanie Batchelor, vice president of BIO’s industrial and environmental section. ”If done right, these policies will incentivize biofuel producers to develop new low carbon fuels using sustainable sources like agricultural residues, industrial waste and even algae.”The new joint initiative will bring together the membership for both organizations, which will strengthen the reach and resources for advocacy efforts. Currently, nine states have active bills or are considering legislation to establish standards supporting low carbon fuels, including Colorado, Illinois, Iowa, Massachusetts, Minnesota, Nebraska, New York, South Dakota, and Washington. The two groups will also collaborate to explain and demonstrate the value and importance of low carbon fuel policies, especially at events such as the Global Climate Action Summit.“Since implementing its low carbon fuel standard in 2011, California has prevented over 50 million tons of carbon pollution from being emitted on its roadways,” said Graham Noyes, co-founder and Executive Director of the Low Carbon Fuels Coalition. “We know that states across the country—from…