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We have new reports on VC funding for biotech and the value of federally funded research—plus, what happened during the Senate HELP Committee’s markup of FDA user fee legislation and more news from Day 2 of BIO International Convention. (842 words, 4 minutes, 12 seconds) |
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How to follow the BIO International Convention
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Team Good Day BIO is bringing you all the news and highlights from the BIO International Convention. Follow our coverage at Good Day BIO and Bio.News and join the conversation on social media with #BIO2022.
Today's Good Day BIO Live features exclusive interviews with BIO’s Phyllis Arthur, Novavax’s John Trizzino, and BioGENEius winner Okezue Bell, who developed a new prosthetic for amputees. Plus, we have clips from the not-to-be-missed BIO Unbound—watch: |
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VC is still interested in biotech, says McKinsey |
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Even in this market, venture capital is still interested in cutting-edge science, says a new report from McKinsey—and emerging biotechs are critical for developing new innovations. The state of play: Despite a volatile market and decline in funding, venture capital is still interested in biotech, especially companies with cutting-edge technology, says new research from McKinsey & Co.
“Companies with platforms that are able to deliver interesting therapies will still be able to get the funding they need,”said Lydia The, Ph.D., Partner at McKinsey, speaking during a session yesterday. 6 technologies are generating significant investment, per McKinsey: - Cell therapy 2.0
- Next-generation gene therapy
- Precision medicine
- Drug discovery enabled by machine-learning
- “Undruggable” targets, including “hard-to-hit proteins and hard-to-treat diseases”
Watch McKinsey Senior Partner Olivier Leclerc's exclusive interview about the market.
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Related, BIO’s David Thomas released the new data on emerging therapeutic company investment and deal trends—which you can find here. (We’ll do a full deep dive after the convention). Why it matters: Emerging therapeutic companies represent 95% of drug development companies—and some of the most incredible innovations. |
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Newsflash: U.S. taxpayers get a return on federally funded research |
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That’s the finding of a new report released yesterday by BIO and global non-profit AUTM. The key finding: Over the past 25 years, the licensing of academic and non-profit patents to industry has bolstered U.S. industry gross output by $1.9 trillion, grown U.S. GDP by up to $1 trillion, and supported about 6.5 million jobs. What they’re saying: “This report highlights the importance of public-private partnerships and the critical role of private investment within the life sciences industry,” said BIO’s Chief Policy Officer John Murphy III. “Long-term investment and partnerships in these scientific endeavors fuels biomedical innovation. |
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'We certainly don't know whether death's inevitable...' – and more things we learned on Day 2
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Senate marks up FDA user fees, rejects drug importation amendment |
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The Senate Health, Education, Labor and Pensions (HELP) Committee marked up its legislation to reauthorize the FDA user fee agreements (among other things)—and drug importation reared its head. To recap: Senate HELP marked up five bills, including reauthorization of user fees (S.4348), which, as Chair Patty Murray (D-WA) said in her opening remarks, is “the most comprehensive FDA legislation to come out of the Committee in many years,” allowing the FDA to “provide meaningful oversight.” Drug pricing came up—During the markup, Senator Sanders (I-VT) offered four amendments related to drug pricing and one on importation which would have expanded upon delicately negotiated and narrowly limited language included in the base bill (Sec. 906) that was intended to prevent relitigating the issue at the markup. One amendment, similar to Sen. Sanders’ Prescription Drug Price Relief Act of 2021, was withdrawn; another allowing for widescale drug importation was tabled (not offered) by a vote of 15-7. “You want to kill this bill? Do [Bernie Sanders'] importation,” said Ranking Member Richard Burr (R-NC) during the 40-minute debate on the topic, citing concerns that even other developed countries do not have the same “gold standard” as the U.S. FDA when it comes to approving drugs (see exchange around 1:30:00). The outcome: The FDA user fee reauthorization bill passed by 13-9. The legislation will now need to clear the Senate floor before going to conference with the version passed by the House earlier this month, with the goal of final passage by September 30. |
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