BIO Statement on President’s Proposed 2020 Budget

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/