WASHINGTON--(BUSINESS WIRE)--The following statement may be attributed to BIO President and CEO Jim Greenwood:
“This week, the California State Assembly will consider burdensome and unprecedented legislation that would require drug makers adhere to rules that would be would be virtually impossible for them to follow and that fails to consider the leverage that insurance companies exercise over both patients and bio-pharmaceutical companies when it comes to the reimbursement of innovative treatments for patients.
“While the Assembly’s efforts to address health care costs for patients are well intended, the Pharmaceutical Cost Transparency Act of 2015 (AB 463) does nothing to improve patient access to medicines that have been put virtually out of reach by insurance company specialty tiers that have such high copays and co-insurance requirements that patients feel they no longer have insurance.
“The costs of developing new therapies continues to increase, as clinical trials and other drug development processes become more complex, expensive and time consuming. While this reality is unlikely to change in the near future, it should be noted that drugs and biologics represent only around 10% of American health care costs, a figure that has held steady over the years.”
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.
