Good Day BIO: 7% of the economy, 29% of jobs

We take a closer look at the Feeding the Economy report on the economic impact of food and agriculture, while more U.S. Senators are speaking out about the CMS Alzheimer’s coverage proposal. (701 words, 3 minutes, 30 seconds)

Study: 7% of U.S. economy, 29% of jobs linked to food and agriculture

The sixth Feeding the Economy report highlights the important role food and agriculture play in the U.S. economy—and the numbers are major.

About the report:Released yesterday by 30 food and agriculture groups (including BIO), Feeding the Economy is “a historic farm-to-fork economic analysis revealing how these sectors influence the local and broader United States economies.”

The key finding: 7% of the U.S. economy and 29% of American jobs (more than 43 million!) are linked to food and agriculture, either directly or indirectly. The U.S. is a “leading player” in global agriculture, exporting $182.91 billion in products.

We’re talking about a massive economic impact—including a total contribution to the U.S. economy of $3.01 trillion, and a total economic impact of $7.43 trillion.

Why it matters: The Feeding the Economy report continues to illustrate the role cutting edge technologies have in increasing agriculture production and strengthening America’s bioeconomy. We must build on this progress and encourage policies that embrace science so we can enhance our supply chains, increase access to nutritional foods, and combat climate change.

Learn more about agricultural biotechnology innovations.

How the CMS decision would impact Alzheimer's investment

As more U.S. Senators are speaking out about the controversial Centers for Medicare and Medicaid (CMS) coverage decision for a groundbreaking Alzheimer’s therapy, a study shows exactly how the decision would harm R&D investment. 

ICYMI: The FDA granted accelerated approval for the first disease-modifying treatment for Alzheimer’s—but CMS proposed to restrict coverage to patients participating in clinical trials, setting a dangerous precedent. 

U.S. Senators are speaking out: “We are concerned that by including the entire class of drugs in this coverage decision—before final data on safety and efficacy are even released on other therapies in the pipeline—CMS may limit future access to treatments,” said U.S. Sens. Ed Markey (D-MI), Debbie Stabenow (D-MI), Chris Van Hollen (D-MD), and Mark Warner (D-VA) in a letter to CMS Administrator Chiquita Brooks-LaSure on Monday.

They’re not the first—U.S. Sens. Susan Collins (R-ME) and Shelley Moore Capito (R-WV) sent a similar letter to Brooks-LaSure, saying the proposal could “sharply curtail access…to an entire class of potential future products still in the development pipeline.”

Numbers back up this concern,according to a recent VitalTransformation study: “Of the programs currently in development—IF the proposed NCD was in place at the time of program initiation, 93% of investments would have had negative ROI and therefore would not have likely been made.”

“This is not only true for amyloid-targeting therapies, but all AD treatments, as neurological disorders often use the same endpoint threshold when applying for CMS program participation,” continues the study.

Watch: BIO President and CEO Dr. Michelle McMurry-Heath recently joined health care leaders for a public meeting on the importance of Accelerated Approval Pathway, hosted by the Reagan-Udall Foundation for the FDA. She stood up for the importance of the pathway in creating hope, improving patients’ lives, and encouraging innovation—watch.

More Health Care News: 

Drug Channels: Warped Incentives Update: The Gross-to-Net Bubble Exceeded $200 Billion in 2021
“Pharmaceuticals are the only part of the U.S. healthcare system in which the difference between list and net prices is monetized as rebates and redistributed via intermediaries to payers. This bubble reflects—and drives—both patients’ affordability problems, intermediaries' warped incentives, and politicians’ misunderstandings of U.S. drug prices,” writes Dr. Adam J. Fein. 

The New Yorker: Are we about to cure sickle cell disease?
“New gene therapies hold extraordinary promise, but they might not be enough to overcome a medical system that marginalizes Black Americans.”

President Biden’s Wednesday: Flying to Brussels for the NATO summit. He’ll be greeted by Belgian Prime Minister Alexander De Croo upon his arrival this afternoon.

What’s Happening on Capitol Hill: Work continues in the Senate on the America COMPETES Act, which passed the House in February with an amendment extending the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) programs and related pilots for five years. Meanwhile, the Senate HELP Committee will hold a hearing on strengthening federal mental health and substance abuse disorder programs, and the Senate Environment & Public Works Committee will hold a hearing on promoting American energy security by facilitating investment and innovation in climate solutions.