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This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

BIO Statement on President’s Proposed 2020 Budget

March 11, 2019

WASHINGTON--(BUSINESS WIRE)--Mar 11, 2019--Biotechnology Innovation Organization (BIO) President and CEO Jim Greenwood issued the following statement today regarding President Trump’s FY 2020 budget proposal:

“While we are still reviewing the details of the President’s proposed budget, we applaud the President’s efforts to lower patients’ out of pocket costs for prescription drugs, and to rein in abuses and increase accountability within the 340B drug discount program.

“That said, we have serious concerns that elements of this proposal threaten to harm some of the nation’s most vulnerable patients, including seniors and low-income families. The budget would fundamentally upset the successful Medicare drug benefit that has provided American seniors with affordable prescription drug coverage while costing taxpayers less than originally expected. This includes a proposal to increase out of pocket costs for patients in the coverage gap who rely upon brand name drugs. We are also concerned that proposed changes to Medicaid could limit beneficiary access to needed cures and treatments. We will continue to review these proposals and stand ready to work with the administration and members of both parties in Congress to advance policies related to health, agriculture, and energy that will preserve America’s role as the world leader in biotechnology innovation.”

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190311005840/en/

CONTACT: Daniel Seaton

202-470-5207

Web:www.bio.org

Blog:www.biotech-now.org

Twitter:@IAmBiotech

KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA

INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY HEALTH BIOTECHNOLOGY PUBLIC POLICY/GOVERNMENT CONGRESSIONAL NEWS/VIEWS PHARMACEUTICAL PUBLIC POLICY WHITE HOUSE/FEDERAL GOVERNMENT

SOURCE: Biotechnology Innovation Organization

Copyright Business Wire 2019.

PUB: 03/11/2019 04:38 PM/DISC: 03/11/2019 04:38 PM

http://www.businesswire.com/news/home/20190311005840/en