BIO backs free market in opposing Democrats' drug plan

The Biotechnology Innovation Organization (BIO), the trade group representing biotech companies in the USA, has set out its opposition to a drug cost plan released by Congressional Democrats.

This target to lower prescription drug prices is part of the Democrats’ campaign called A Better Deal and features proposals for an independent agency to tackle the prices with a director appointed by the President as well as the Senate, and plans for pharma companies to be required to notify the government of substantial cost increases. Medicare would also be revamped to allow Part D to negotiate prices directly with drugmakers.

BIO’s response to the plan, from director of communications Brian Newell, refers to a set of solutions set out by a coalition of drugmakers, insurers and consumer advocates on how to lower drug prices while preserving incentives for innovation.