BIO Statement on House Energy & Commerce Committee 340B Drug Pricing Program Review

WASHINGTON--(BUSINESS WIRE)-- BIO President and CEO Jim Greenwood issued the following statement regarding the review of the 340B drug pricing program released by the House Energy & Commerce Committee today:

“We applaud Chairman Walden and his colleagues on the Energy and Commerce Committee for their attention to the rapidly growing 340B program. The findings of today’s report reinforce the clear conclusion that the 340B program has grown far beyond its original scope, leading to growing problems with accountability and transparency. As the report makes clear, there is currently no requirement in the program for 340B covered entities to pass program savings along to uninsured patients – which many covered entities fail to do, while also failing to account for how program profits are used.”

“We applaud the Committee’s call for increased transparency within the program, as well as their call for Congress to clarify the program’s intent and to reassess program eligibility to ensure that 340B discounts are properly serving patients and Congress’s purposes in establishing the program.”

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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.

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