Biocom Rejects Call to Impose Foreign Price Controls on Prescription Medicines

SAN DIEGO--(BUSINESS WIRE)--Biocom, the association representing the life science industry of California, issued the following statement in response to the drug pricing executive order signed by President Donald Trump yesterday. This statement may be attributed to Joe Panetta, president and CEO of Biocom:

“On behalf of California’s life sciences community, we are deeply disappointed in the executive order issued by the Trump Administration that would import price controls from countries that deny seniors access to many life-saving products available in the U.S. Imposing foreign pricing models on Medicare Part B and D drugs would inevitably result in delays in biomedical innovation and threaten the research and development of our nation’s most innovative treatments.

The U.S. produces two thirds of the world’s medicines, and it is leading the fight to end a sweeping pandemic that has sickened millions and brought the world’s economy to a halt. Now is not the time to attack the innovative companies that are dedicating an incredible amount of resources to control this deadly virus while still continuing research on all the other diseases affecting millions of patients worldwide. California, which is one of the world’s leaders in biomedical innovation, would be among the first to suffer. Biocom supports policies that foster innovation while reducing patients’ out-of-pocket costs and expanding access to novel therapies.”

About Biocom

Biocom is the largest, most experienced leader and advocate for California’s life science sector. We work on behalf of more than 1,300 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.

For more information on Biocom, please visit our website at www.biocom.org. Connect with us on LinkedIn, Facebook, and Twitter (@BIOCOMCA).