BIO Statement on Medicare Part D Changes in Budget Deal

WASHINGTON--(BUSINESS WIRE)-- BIO President and CEO Jim Greenwood issued the following statement today regarding proposed changes to the Medicare Part D program in the announced budget deal:

“It is regrettable that such sweeping changes to the successful Medicare Part D program would be considered with so little opportunity for public input or examination of the potential impact on beneficiaries and future biopharmaceutical innovation.

“While we support making out of pocket costs for Part D beneficiaries more affordable, the vast majority of savings from this proposal will accrue to the insurance companies that sponsor Part D plans, rather than patients. America’s biopharmaceutical industry pours far more of its earnings back into R&D than any other sector, approximately 20 percent of all revenue, as companies tirelessly seek to discover new treatments and cures for patients in need. Forcing companies to divert billions of dollars from the research lab to bail out insurance companies will stifle innovation while doing little to save costs for Medicare beneficiaries.

“We stand ready to work with Congress to craft a better solution that encourages reinvestment in the development of innovative new treatments and cures.”

About BIO

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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Biotechnology Innovation Organization

Daniel Seaton, 202-470-5207

Web: www.bio.org

Blog: www.biotech-now.org

Twitter: @IAmBiotech

Source: Biotechnology Innovation Organization