BIO Releases First-Ever Industry Principles on Value of Biopharmaceuticals

Washington, D.C. (February 3, 2016) – The Biotechnology Innovation Organization (BIO) today released new Principles on the Value of Biopharmaceuticals. These voluntary Principles represent the first-ever systemic, industry-endorsed set of commitments by research-based biopharmaceutical companies to support comprehensive and sustainable solutions to improve patient access to and affordability of innovative medicines that are transforming how we treat and cure patients with once-devastating diseases.

The following statement may be attributed to BIO President and CEO Jim Greenwood:

“America’s innovative biopharmaceutical companies exist to advance the health and well-being of patients by tackling head-on the unrelenting scientific challenges inherent in the discovery, development and delivery of new, high-value cures and treatments. These Principles represent a commitment by our industry to do our part to improve the ability of patients to access those medicines on a sustainable and affordable basis, while also continuing to take the big risks and make the enormous investments required to fulfill the promise of the next generation of cures.”

Among other principles, BIO members are committed to open dialogue with patients, healthcare providers, and payers on the value of their biopharmaceutical innovations and to take these stakeholders’ views into account in the development and delivery of such cures and treatments.  In addition, BIO and its members will work with such stakeholders, as well as policymakers, to explore a broad range of novel delivery approaches to maximize the value of these innovations for patients and the overall healthcare system, including by seeking to remove legal barriers that currently limit the ability to engage in value-based contracting and communications.    

“As evidenced by these Principles, the research-based biopharmaceutical industry welcomes the vigorous public debate about the cost and value of our medical innovations,” Greenwood said.  “BIO members already are doing their part to find sustainable patient-centered solutions, and as an industry we are committed to doing even more.  To effectively accomplish these goals, it is essential that other stakeholders in the healthcare system do their part, as well. To that end, we call upon payers, healthcare providers and policymakers to join with us in designing and implementing comprehensive solutions that will ensure patients continue to benefit from the tremendous medical advances biotechnology has made possible.”

The full Principles on the Value of Biopharmaceuticals are available here. To learn more about the value of innovation, please visit here.

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