WASHINGTON--(BUSINESS WIRE)--BIO President and CEO Jim Greenwood issued the following statement today regarding the introduction by Senator Charles Grassley of S. 2453, the Ensuring the Value of the 340B Program Act of 2018:
“I applaud Senator Grassley for introducing reforms that would provide much-needed clarity for lawmakers and the public on how hospitals are profiting from the 340B Drug Discount Program. Congress created the program to help uninsured and vulnerable patients gain access to affordable prescription drugs. However, the evidence is now undeniable that this program has expanded well beyond the intent of Congress and that patients are not seeing the benefits they deserve.
“A recent study in the New England Journal of Medicine found that there was ‘no evidence’ of hospitals using 340B savings to expand care or lower mortality among low-income patients. And despite that abysmal track record, the program grew at a staggering 31 percent annually between 2013 and 2016. Clearly, reforms are needed to put the focus of the 340B program back on patient health, rather than hospital wealth.”
“I thank Senator Grassley for his leadership and commitment to the vulnerable patients whom this program was intended to help.”
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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