WASHINGTON--(BUSINESS WIRE)--Biotechnology Innovation Organization (BIO) Senior Executive Vice President for Public Affairs Gary Andres issued the following statement following California Governor Jerry Brown’s signing of the drug price reporting and transparency bill Senate Bill 17 into law:
“As the world’s leader in biopharmaceutical innovation, California is home to over 2,800 companies that employ a workforce of over 242,000 dedicated men and women focused on innovative solutions to improving human health and increased patient access to breakthrough medicines.
“The legislation the Governor signed into law seriously jeopardizes the future of California’s leadership in this innovative industry. Despite its intent, this law will neither provide meaningful information to patients nor lower prescription drug costs.
“By ignoring the realities of biopharmaceutical development, Senate Bill 17 will delay or prevent future biopharmaceutical innovation by driving investment toward other industry sectors that are not burdened with this type of misguided government intrusion.”
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.