WASHINGTON--(BUSINESS WIRE)--Today, the Biotechnology Industry Organization (BIO) expresses strong support for the “Bipartisan Congressional Trade Priorities Act of 2014”, which was issued by a bipartisan group of leaders from the Senate Finance and House Ways and Means Committee last week. The bill outlines Congressional objectives for trade agreements, and lays out the process for Congressional approval of agreements negotiated by the Administration.
The following statement can be attributed to BIO’s President and CEO, Jim Greenwood:
“This legislation would help advance the global goals of our members significantly by ensuring that trade agreements reflect a high level of intellectual property rights modeled on U.S. laws, strengthening the transparency and accountability of drug reimbursement regimes, and removing unjustified barriers to agricultural biotechnology trade.
“America’s innovative biotechnology industry, which includes hundreds of small companies, is engaged in the business of researching and developing innovative new medicines and treatments. Our goal is to ensure that the U.S. biotechnology industry remains the strongest and most advanced in the world.
“Biotechnology has the potential to be one of the cornerstones of U.S. global competitiveness in the 21st century if U.S. trade agreements ensure IP rights and fair play by our trading partners. Hundreds of thousands of new jobs will depend on this.
“Fortunately, Congressional leaders have recognized this, and we believe this bill advances these goals, and we call for its swift enactment.
“We look forward to working with the Congress to enact this legislation, and just as importantly, to ensuring that trade agreements negotiated by the Administration, such as the TPP and TTIP faithfully reflect these standards.”
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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