ICYMI: Drug Pricing Bill Is Bad for Business, Patients

BIOtech Now
George Goodno

Researchers and biotech leaders continue to discover new cures and treatments that are making a positive difference in the lives of patients. But unfortunately, there are some policymakers in Washington D.C. and various state capitals who continue to push misguided proposals that will undermine biomedical innovation and deny patients the drugs and therapies they urgently need.

For example, California lawmakers are considering a so-called “transparency” bill that would force biopharmaceutical companies to publicly disclose sensitive and confidential business information that no other industry is forced to share. William Newell, CEO of Sutro Biopharma and vice chairman of the California Life Sciences Association, writes in the Sacramento Bee why the bill (SB 17) will harm the state’s life sciences community and the patients it serves:

“California is rightfully known as the birthplace of the biopharmaceutical revolution. Our state continues to be the leading home of innovative companies that are pioneering the new field of precision medicine to develop medications and doses tailored to individual patient’s genes.
“As a longtime entrepreneur in this sector, I am concerned that Senate Bill 17 will harm our ability to afford the costly and time-consuming process of bringing these therapies to market.
“I share the concerns about the cost of health care, so it’s not surprising that the Legislature is looking for ways to reduce costs. However, this bill would require companies such as ours to publicly report sensitive information on the cost of drug development that will do nothing to reduce costs or help sick patients. Instead, it will undermine innovation.”

To read the full op-ed, click here.

To learn more about the biotech industry, visit DrugCostFacts.org.

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