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Good Day BIO and Bio.News are on the ground at the BIO Investor Forum in San Francisco—we preview the event with a new podcast episode. Plus, BIO recognizes Indiana Governor Eric Holcomb and we’re watching for a critical report to guide USTR’s next steps on the COVID IP waiver. (650 words, 3 minutes, 15 seconds) |
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I am BIO Podcast: 9 in 10 drugs die in ‘Valley of Death’ |
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In today’s new podcast episode, drug developers share strategies for the journey through the “Valley of Death” on the path to commercialization.
The Valley of Death is the “transition from a breakthrough discovery, usually after many years of NIH-funded basic research, to an actual development candidate in clinical trials,” says Daphne Zohar, Founder & CEO of PureTech Health and a member of BIO’s Emerging Companies Section Board.
Treacherous waters: With only about 10% of drugs in development getting to Food and Drug Administration (FDA) approval and entering the market, the majority of ideas never survive the so-called “Valley of Death,” says BIO CEO Rachel King.
Tough decisions: Developers are forced to abandon promising drug candidates to focus resources on drugs with the best chance of market success, says Nancy Simonian, CEO of Syros Pharmaceuticals. She questions Inflation Reduction Act provisions disadvantaging small molecule drugs.
Policy improvements could support development—including strong patent protections, reasonable exclusivity, and the Federal Trade Commission (FTC) being open to mergers, explains Zohar.
Listen: Catch the new episode at www.bio.org/podcast or your favorite podcast app. |
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How to follow the BIO Investor Forum
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Report due today will impact U.S. position on TRIPS waiver |
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A report intended to guide the United States’ decision on whether to support a proposal in the WTO to waive IP related to COVID-19 diagnostics and therapeutics is expected to be released today—here’s what we know. ICYMI: After agreeing to waive IP protections of COVID-19 vaccines in June 2022, the U.S. Trade Representative (USTR) is considering a proposal to expand the waiver to COVID-19 diagnostics and therapeutics. USTR asked the U.S. International Trade Commission (USITC) to produce a report on the proposal.
BIO opposes both waivers: Threats to IP dampen investor interest and harm the ecosystem that enables innovation. Biotech innovators and patients awaiting new drugs lose out. Plus, a waiver of IP does nothing to address public health and access issues in the developing world.
USITC’s report is expected to help determine the U.S. position—and other countries will follow the United States’ lead when deciding whether to support the waiver, Bio.News reports.
What’s next: As soon as it’s released, BIO will pour over the document—so stay tuned. |
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Governor of the Year: Eric Holcomb of Indiana |
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Photo: IHIF’s Kristin Jones, BIO’s Nick Shipley, and Gov. Holcomb at a small award ceremony.
BIO named Indiana Governor Eric Holcomb the 2023 Governor of the Year for his commitment to strengthening his state’s biotech sector. Indiana biotech, by the numbers: “The life sciences sector has an almost $80 billion economic impact on Indiana’s economy, employing over 160,000 people across 2,000 companies,” said Kristin Jones, President and CEO of Indiana Health Industry Forum.
What they’re saying: “Indiana has the perfect combination of trained engineers and scientists, research institutions and globally recognized companies who are leaders in the life science industry,” says Gov. Holcomb. “Hoosiers are incubating innovative ideas and transforming those ideas into unprecedented growth and success that is positively changing the lives of people around the world.”
Why it matters: “Policy decision-making at the state-level is critically important for the future of biotechnology. For years, Governor Holcomb has been a steadfast supporter of the life sciences in the Hoosier state and of the researchers, scientists, and others who make innovation happen,” says BIO CEO Rachel King. Learn more about the award and Gov. Holcomb.
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