SOUTH SAN FRANCISCO, Calif. & LOS ANGELES & SAN DIEGO–(BUSINESS WIRE)–Biocom California, the association representing the life science industry of California, issued the following statement in response to the recent Executive Order on Most Favored Nation price setting policy. This statement may be attributed to Tim Scott, president and CEO of Biocom California:
“Most Favored Nation (MFN) is a concept that has been proposed and rejected many times over the years for very good reasons: it would deny Americans timely access to the most innovative therapies and hamper biomedical innovation. The harm to patients would be immediate.
The U.S. produces two-thirds of the world’s medicines and gives hope to millions of patients around the world. Patients in the U.S. have access to 90 percent of existing medicines – a striking difference from our European counterparts, whose governments dictate which medicines are available. Price controls also affect how long it takes for medicines to reach patients once they are approved.
MFN models send 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, the world’s leader in biomedical innovation, would be among the first to suffer.
We agree with the Administration that American patients should not bear the cost of innovation alone and pay more than Europeans, but we need to address the root cause of the problem. Our health care system is one of the most complex and layered in the world, with Pharmacy Benefit Managers (PBMs), insurers and hospitals all demanding payments from innovators to provide medicines to patients, which significantly increases their cost for no added value.
Over the years, we have worked cooperatively and successfully with regulatory and legislative offices at all levels of government. While Biocom California maintains its opposition to MFN and other international reference pricing schemes, we stand ready to continue to work with both Congress and the Administration to deliver world-class treatments and cures that patients can afford.”
About Biocom California
Biocom California is the leader and advocate for California’s life science sector. We work on behalf of our 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 California 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 California operates core offices in Los Angeles and the San Francisco Bay Area, with satellite offices in Sacramento, Washington, D.C. and Tokyo. 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 California, please visit our website at www.biocom.org. Connect with us on LinkedIn, Facebook and X.
Contacts
Biocom California Media Contact:
Carolyn Hawley
Inizio Evoke Comms
(619) 849-5382
[email protected]
