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The House passed the Inflation Reduction Act on Friday, sending anti-science drug price controls to POTUS for signature. Meanwhile, inflation seems to be easing, but food prices are still high. Luckily, we have biotech to address some of the root causes. (548 words, 2 minutes, 44 seconds) |
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Congress passes drug price controls |
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“Every credible analysis of the Inflation Reduction Act comes to the same conclusion: fewer cures for patients,” said BIO President and CEO Dr. Michelle McMurry-Heath.
ICYMI: The House passed the Senate’s Inflation Reduction Act on Friday evening, by a party-line vote of 220-207 with all Democrats voting in favor of the bill and all Republicans voting against it.
Here’s what it means: The bill will allow the federal government to set prices on around 100 drugs over the next decade, which will reduce manufacturers’ revenues, leaving them with insufficient finances to spend on R&D. The result? Lost drugs and lost jobs.
We’ve seen this happen elsewhere—like in Europe, which lost its biotech leadership as a result of price controls, and Japan, which saw its “share of worldwide value added” in pharmaceuticals plummet by 70%, Bio.News reported.
“The elephant in the room is this: even as net prices for drugs remain flat, list prices for drugs are being driven higher because of the way our commercially insured market is currently designed,” particularly with regards to pharmacy benefit managers (PBMs), writes John M. O'Brien, PharmD, MPH, President and CEO of the National Pharmaceutical Council (NPC).
Dr. Michelle’s Diagnosis: The price controls “are a major disservice to patients and researchers,” BIO’s Dr. Michelle McMurry-Heath said last week. “Looking forward, BIO has and will continue to advocate for pro-science policies that increase patient access to life-enhancing and life-saving treatments while also pushing the boundaries of medical innovation.”
What’s next: Biden is expected to sign the bill into law this week. In the meantime, BIO analysts are reviewing the details and we expect to have more over the coming weeks about what the bill means for medical innovation and patients, as well as what the climate provisions mean for the agriculture and environment biotech sector. |
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Food prices are still high – but biotech has a few solutions |
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Biotech could help address some of the reasons why food prices remain sky high even as inflation seems to be easing.
What’s happening: “Over the last 12 months, grocery prices soared 13.1%—the largest annual increase since the year ending in March 1979,” reports CNN.
Inflation seems to be easing, but food prices are still sky high: “A deadly avian flu has meant fewer eggs in the United States, a severe drought in Brazil slashed coffee crops and the war in Ukraine led to a spike in wheat prices in the spring,” explains CNN.
Hey, we’ve got biotech for that—to address everything from deadly animal diseases to the impact of climate change on our crops.
Avian flu? With gene editing, scientists can develop chicken embryos that are resistant to avian leukosis virus and avian influenza, which are deadly for the birds and create potential for a human pandemic.
How about drought?Biotech researchers are developing crops that can withstand drought and use less water.
Biotech’s working on wheat, too—developing wheat that can withstand drought, allowing it to grow in new environments (thanks again to gene editing).
But there are hurdles—including the need for science-based policy that allows these solutions to be deployed quickly, as well as the need for more consumer education about the benefits of gene editing in food—such as FDA’s new Feed Your Mind initiative to help consumers understand the application of genetic modification to food production. |
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President Biden’s Monday: Vacation in Kiawah Island, SC. He’s expected to sign the Inflation Reduction Act this week.
What’s Happening on Capitol Hill: Recess. |
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