BIO Statement On California’s Drug Price Reporting & Transparency Bill

WASHINGTON--(BUSINESS WIRE)--Biotechnology Innovation Organization (BIO) Senior Executive Vice President for Public Affairs Gary Andres issued the following statement regarding passage of a drug price reporting and transparency bill (Senate Bill 17) within the California Senate:

“Any legislative effort to address the affordability of medicines must be patient centered, holistic, and promote patient access to treatments and cures. Biotechnology innovation is not only providing enormous benefits to patients and value to the healthcare system, but it is a proven job creator, directly employing over 242,000 Californians in good, high-paying jobs, with billions invested in the state annually. Senate Bill 17 fails to meet these tests and does not deliver on its purported promises.

“BIO will continue to oppose legislative efforts, such as Senate Bill 17, that harm patient access to needed care by undermining competition, disrupting existing drug product availability, or stifling investment in the innovation ecosystem through misguided government intrusion.

“BIO encourages Governor Brown to weigh these important societal and economic factors before signing legislation which poses such significant threats to California’s economy.”

About BIO

BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO’s blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.