SAN DIEGO & LOS ANGELES & SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Biocom California, the association representing the California life science industry, issued the following statement in response to the release of the Most Favored Nation (MFN) Model by the Centers for Medicare and Medicaid Services (CMS) today. This statement may be attributed to Joe Panetta, president and CEO of Biocom California:
“The Trump administration has decided to proceed with a deeply-flawed plan to impose arbitrary foreign price controls on drugs and biologics that are administered in physicians’ offices and treat some of our country’s sickest and most vulnerable patients. The rule came out today, despite repeated warnings by the biomedical research community that such a policy would hurt innovation and reduce patients’ access to lifesaving products currently available in the U.S.
“Biocom California is deeply disappointed that this model was released as an interim final rule, as it will disproportionally affect small companies that rely on a predictable and steady environment. It makes sweeping changes across all states, has an almost immediate implementation date and had no input from stakeholders for this specific incarnation. This model will undeniably reduce long-term investments in research and hamper the development of new treatments and cures. California, which is one of the world’s leaders in biomedical innovation, would be among the first to suffer.
“Our patients, our economy and our whole nation are looking to the biotechnology industry for hope during our most deadly national pandemic in recent history. Now is not the time to slow down the industry that is working around the clock to develop the vaccines and therapeutics needed to combat COVID-19. Biocom California stands firm against this proposal and welcomes policies that would instead expand patients’ access to innovative medicines and reduce out-of-pocket costs.”
About Biocom California
Biocom California is the 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 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, 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.