Biocom California Joins Legal Challenge to Department of Health and Human Services’ Most Favored Nation Interim Final Rule for Drug Pricing
SAN DIEGO & LOS ANGELES & SOUTH SAN FRANCISCO, Calif. & WASHINGTON--(BUSINESS WIRE)-- Today, Biocom California, the association representing the California life science industry, joined the Biotechnology Innovation Organization (BIO) and the California Life Sciences Association (CLSA) in filing a challenge against the Department of Health and Human Services’ (HHS) recent Most-Favored Nation Interim Final Rule (IFR). The following statement may be attributed to Joe Panetta, president and CEO of Biocom California:
“The Most Favored Nation Interim Rule would impose arbitrary foreign price controls on drugs and biologics that are administered in physicians’ offices and treat our sickest patients. Price controls have been shown to reduce both innovation and patients’ access to medicines in the countries where they are implemented. The MFN rule fails to estimate the impact that its implementation will have on patients and providers.
The U.S. produces two thirds of the world’s new medicines and leads the world in biomedical innovation, with California out in front. This reckless policy would destabilize our country’s stellar innovation ecosystem, which relies on a predictable and steady regulatory environment. Small companies, among others, would be disproportionally affected.
Our complaint challenges HHS’ authority to make sweeping, mandatory and almost immediate changes to statutory Medicare rules through administrative actions and without prior opportunity for comments from stakeholders.
Biocom California was founded to advocate for our members for policies that nurture innovation, and thus, we will rally against policies that harm it. We have repeatedly warned about the impact this policy or its previous iterations would have on the research and development of new treatments, cures and patients’ access to these innovative products.
Over the years, we have worked cooperatively and successfully with regulatory and legislative offices at all levels of government. We are known as a trusted partner and voice for all of California’s life sciences, and we highly regard the leadership role to which we have been entrusted. Today, we continue to be the organization others look to for guidance and rest assured, we will fight for what is right for our industry.”
Biocom California has issued previous statements condemning the MFN interim rule. Click here for our statement on the release of the IFR two weeks ago and here for our statement on the most-favored nation executive order in September.
About Biocom California
Biocom California is the leader and advocate for California’s life science sector. We work on behalf of more than 1,300 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs, and create robust value-driven purchasing programs.
Founded in 1995 in San Diego, Biocom California provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom California operates core offices in Los Angeles and the San Francisco Bay Area, satellite offices in Washington, D.C. and Tokyo, and has a continuous staff presence in Sacramento. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers.
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