The Biotechnology Innovation Organization (BIO) President and CEO Jim Greenwood released a statement following the Obama administration’s release of its FY 2017 budget proposal.
In his statement, Greenwood decries Obama’s action, warning that budget would directly threaten the goal of curing cancer through advances in precision medicine. Specifically, the statement cites the changes to biologic data exclusivity, cuts to Medicare Part D and B, and the emphasis on switching patients to the lowest cost treatment as opposed to the drug that their doctors think are best for them as harmful to medicine innovation and biological products needed to provide the foundation for the “moonshot” initiative.
“In addition, BIO is deeply troubled by the proposed funding cuts for the Project BioShield Special Reserve Fund and the Biomedical Advanced Research and Development Authority’s (BARDA’s) pandemic influenza program, which would undermine the public-private partnership by discouraging manufacturers from investing in research and development of critical medical countermeasures,” Greenwood said.
Greenwood added that the administration’s proposal to reduce the period of regulatory data protection for innovative biologics manufacturers will jeopardize reduced costs, access expansion and overall innovation.
BIO is the world’s largest trade association, representing biotechnology companies, academic institutions, state biotechnology centers and related organizations in the United States.