Is China embracing biotech crops?

Happy Friday. We look at news from China on biotech crops plus what experts have been saying about drug price controls. (553 words, 2 minutes, 45 seconds)

China’s embracing biotech crops – but there’s more work to do

China’s decision to embrace biotech crops is “a step in the right direction,” but the country needs to do more to allow foreign investment and protect intellectual property, says BIO.

The news: China’s Ministry of Agriculture last week published a four-page document saying biotech crops provide greater productivity while reducing labor costs and loss to pests and disease. China says the conversion to biotech crops is necessary and debunks myths about risks.

Acknowledging America’s success, the document says “genetically modified technology has played a revolutionary role” in increasing U.S. agricultural productivity.

Good news: China is finally “embracing science” after rejecting biotech crops, says Nancy Travis, BIO’s VP for International Affairs. “It’s something BIO has been urging them to do for many years. It’s definitely a step in the right direction,” she told Agri-Pulse.

Bad news: “However, China’s track record of failing to protect intellectual property rights, and its delayed risk assessments of biotech traits, particularly those developed by BIO members, still must be addressed,” Travis says.

Also concerning:  Chinese law prohibits foreign direct investment in the seed sector. “This not only negatively impacts seed technology developers outside of China but also hurts Chinese farmers, limiting their access to the latest innovations,” Travis adds.

What’s next: China’s commercial farms still cannot plant biotech soybeans and corn, but both are grown on experimental farms covering 667,000 acres, Agri-Pulse reports. BIO will continue to advocate for China’s speedier acceptance of biotech crops, reduced trade barriers, and better IP protection.

What they’re saying about drug prices

The Biden administration recently announced the first ten drugs facing forced “price negotiation”—here’s what experts have been saying about the links between drug prices and innovation and what will happen next.

A ‘faulty rationale’: Net drug prices are unchanged and “have trended below inflation for five straight years,” said analysts at the Information Technology and Innovation Foundation (ITIF).

The reality: “The share of each dollar spent on drugs in the United States that goes to manufacturers declined from 66.8 percent in 2013 to 49.5 percent in 2020, as middlemen in the supply chain captured more of the revenues,” says ITIF.

The IRA threatens innovation: “Most new products in recent years have targeted novel mechanisms of action. Last year alone, 54 percent of FDA-approved drugs targeted novel mechanisms or were first-in-class,” continues ITIF.

ICYMI: In response to the Administration's announcement of the first 10 drugs subject to price controls, BIO's CEO, Rachel King said, "...the IRA impacts not just the drugs targeted on today’s list, but the entirety of the biotech ecosystem that must make research and funding decisions many years in advance of ever hoping to bring a product to patients."(Read BIO’s full statement here).

Listen up:BIO CEO Rachel King discussed drug price controls and other industry challenges in two just-released podcasts.

President Biden’s Friday: Meeting Prime Minister Narendra Modi of India before the G20 summit there. Biden will try to make the most of the absence of the leaders of China and Russia at the summit, CNN reports.

What’s Happening on Capitol Hill: The House and Senate are off today but are expected to be busy next week. The clock ticks on spending legislation, with 23 days before the current federal budget expires.