SAN DIEGO--(BUSINESS WIRE)--Biocom, the association representing the life science industry of California, issued the following statement in response to a drug pricing proposal unveiled by Speaker Nancy Pelosi and sponsored by Energy & Commerce Chairman Frank Pallone – H.R.3, the Lower Drug Costs Now Act – in the U.S. House of Representatives today. This statement may be attributed to Joe Panetta, president and CEO of Biocom:
“On behalf of California’s life sciences community, we are deeply concerned with Speaker Pelosi’s newly released legislation, which proposes to import foreign price controls on medicines that treat patients here in the U.S. and impose extreme penalties on U.S. innovators, including an excise tax up to 95 percent of manufacturers’ annual sales and severe civil monetary penalties.
The U.S. produces two thirds of the world’s medicines and gives hope to millions of patients around the world. Such a sweeping proposal sends the wrong message to innovators and investors who need a solid, fair and value-based market environment to research and develop the next-generation of breakthrough medicines. California, which is one of the world’s leaders in biomedical innovation, would be among the first to suffer.
We respectfully oppose H.R.3, but we remain available to work with the bill’s sponsors on legislation that focuses on reducing patients’ out-of-pocket costs, sharing negotiated savings with patients at the pharmacy counter and increasing cost transparency.”
Biocom is the largest, most experienced leader and advocate for California’s life science sector. We work on behalf of more than 1,200 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs, and create robust value-driven purchasing programs.
Founded in 1995 in San Diego, Biocom provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom operates core offices in Los Angeles and the San Francisco Bay Area, satellite offices in Washington, D.C. and Tokyo, and has a continuous staff presence in Sacramento. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers.