Washington, D.C. (August 10, 2019) –The Biotechnology Innovation Organization (BIO) released the following statement on the administration’s decision to issue 31 small refinery exemptions under the Renewable Fuel Standard. “The administration is inflicting significant economic pain on American farmers and biofuel producers by granting these 31 Renewable Fuel Standard exemptions to the oil industry,” said Stephanie Batchelor, vice president of BIO’s industrial and environmental section.  “These exemptions stifle biofuel innovation, jeopardize energy security, and drive down the demand for sustainable solutions that reduce greenhouse gas emissions. If the administration is serious about strengthening rural economies, protecting farmers and reducing environmental impact, it will cease these unjustifiable waivers and approve pending pathways and production facilities for American-made biofuels.”

The Biotechnology Innovation Organization (BIO) today put forward a consumer-friendly proposal that would improve public access to information about new agricultural biotechnology products. Combined with a new science-based regulatory approach, BIO’s proposal will foster greater public confidence and support bringing new sustainable agricultural solutions to the market.

Following the introduction of the Trump administration’s drug importation proposal, BIO’s President and CEO Jim Greenwood issued the following statement: “There is simply no way to adopt an importation scheme that doesn’t jeopardize the health and well-being of America’s patients. That’s been the judgment of past FDA commissioners who served under both Republican and Democratic administrations. Not only will this undermine the safety of our nation’s drug supply, but nonpartisan budget experts have said that the costs of implementing drug importation will largely outweigh any savings the Administration may hope to achieve. This is a misguided attempt to keep a ill-informed campaign promise. The burden is on the leadership of the Department of Health and Human Services to ensure this actually leads to lower costs for consumers—not just for insurance companies and pharmacy benefit managers—and no harm is inflicted on patients and local communities.”

Washington, DC (July 23, 2019) – Today, legislation that would significantly improve the ability of emerging biotechnology companies to focus their investor capital on science and biomedical innovation was introduced in the House of Representatives by Reps. Trey Hollingsworth (R-IN) and Ben McAdams (D-UT). The Fostering Innovation Act extends one vital JOBS Act provision – the temporary exemption from Section 404(b) of Sarbanes-Oxley (SOX) – for an additional five years for qualifying pre-revenue small businesses. “For emerging biotech companies, one-size-fits-all compliance burdens present a costly roadblock to growth and medical progress,” said Biotechnology Innovation Organization (BIO) President and CEO Jim Greenwood. “These companies typically operate for many years without product revenue, meaning that funds needed to comply with unduly burdensome regulations are diverted from their intended purpose – scientific advancement for the benefit of patients and consumers. The Fostering Innovation Act would reduce the cost of Sarbanes-Oxley compliance for these companies – without undermining important investor protections – allowing them to utilize investment capital to spur job creation and advance their potentially life-saving research. This will allow companies to focus their capital on treatments for dozens of devastating diseases such as cancer, HIV/AIDS, Sickle cell disease, and many others.” “Congressmen Hollingsworth and McAdams have put the interests of patients and medical progress first with their bipartisan leadership on this important legislation, passage of which has long been a major advocacy priority for BIO and our emerging growth member companies.”

Washington, DC (July 23, 2019) – Following the release of the Senate Finance Committee’s drug pricing proposal, Tom DiLenge, the Biotechnology Innovation Organization’s President of Advocacy, Law & Public Policy Division issued the following statement: “While we’re pleased that the Senate Finance Committee proposal caps what beneficiaries have to pay out of pocket for medicines under Medicare Part D, it adopts a framework that punishes some of the most innovative biotech cures and transformative therapies.  “The proposal does almost nothing to hold insurance companies and middlemen accountable for shifting more of the cost burden onto patients. Instead of eliminating distortions within the drug pricing system, this proposal could create and exacerbate perverse incentives that disadvantage patients and taxpayers. It also doesn’t require insurers to pass the massive rebates they receive from drug companies through to patients to lower their out-of-pocket costs, or allow patients to pay their costs over time to enhance access and improve health outcomes. “We’ve said all along that we’re willing to be a part of a solution that improves Medicare for vulnerable patients and enhances its sustainability, but the Senate proposal falls short. As the legislative process unfolds, we will work with lawmakers on both sides of the aisle to encourage a more holistic and balanced approach. That’s the only way to ensure our biotech companies can continue delivering innovative treatments and that those treatments are available to all patients with out-of-pocket costs that are affordable.” ###