SALT LAKE CITY – (BUSINESS WIRE) –BioUtah Chief Executive Officer Kelvyn Cullimore issued the following statement after Democratic House leaders released their drug pricing proposal, HR 3, Elijah E. Cummings Drugs Cost Cutting Now Act, based on similar legislation introduced in the 116th Congress.
“Utah has a long and proud history of innovation, with one of the fastest growing life sciences sectors in the country. The state’s pharmaceutical and pharmaceutical companies account for more than 7,000 jobs in Utah and $ 1.1 billion in direct GDP. The House Democratic plan, HR 3, would effectively deter and even penalize those companies that push the boundaries of science and research to provide life-changing treatments for patients.
“We are particularly concerned that the Bill’s sweeping government pricing measures, including international price indexation, would hamper innovation and have a chilling effect on investment in drug discovery – strikingly. particularly hard on our emerging biotechnology and biopharmaceutical companies. It is estimated that HR 3 could have a trillion dollar impact on the pharmaceutical industry over ten years. The Congressional Budget Office says this would lead to lower spending on research and development and thereby reduce the introduction of new drugs.
“We urge Congress to consider other, more effective, market-oriented solutions that directly reduce patient out-of-pocket expenses and put patient access and care at the forefront.”
BioUtah is an independent 501 (c) (6) trade association serving the Utah life science industry. Its member companies reflect a broad spectrum of the industry with strengths in medical device manufacturing and services, research and testing, biotechnology, biopharmaceuticals and advanced diagnostics, and information and technology technologies. health, among others; and are a key driver of Utah’s economy. BioHive led by BioUtah, is an industry initiative, working with key public partners, to showcase the crucial innovations and contributions of the industry collective that is boosting our state’s economy and helping patients around the world.