BioCT CEO: Proposed prescription drug price controls would disincentivize life sciences industry growth in CT
Contributed
Jodie Gillon is the president and CEO of BioCT, a trade group that represents the state’s life sciences industry.
As the CEO of BioCT, I have the privilege every day of advancing and promoting Connecticut’s vibrant life sciences industry.
A core part of our mission is to enable talent and companies to come, stay here and grow here.
Connecticut’s life sciences sector includes approximately 1,500 companies and employs 25,000 people in high-quality, high-paying jobs. The innovation triangle between Stamford, Hartford and Groton is sought after by both employers and employees.
New Haven, in fact, is ranked No. 9 in the nation for life science industry growth. Our state is home to some of the biggest names in the pharmaceutical industry, along with small startups, tech innovators, major service providers, and world-class colleges and universities where life-saving research often begins.
Research and development in Groton played a key role in creating the COVID vaccine. Spevigo, a lifesaving rare-disease therapy that won the Prix Galien — the Nobel Prize of drug development — was developed right here in Ridgefield.
What we research, develop and manufacture in Connecticut saves the lives of those afflicted with devastating, often deadly diseases around the world.
The talent we recruit and nurture here uses their superpowers not only to save lives but also to train the next generation, from kindergarten through the doctoral level. This includes countless hours of programming, mentoring and internships that prepare future leaders.
We all share a common goal: ensuring patients have access to the life-saving therapies they need. To do that, we must not only develop these therapies, but we must work together to provide a policy environment that directly supports patients without harming industry and rewarding middlemen.
Our lawmakers clearly understand the value that our industry brings to Connecticut. Earlier this year at our legislative breakfast, Gov. Ned Lamont announced a proposal to increase the life science industry’s tax credit from 65% to 90%.
This would allow us to compete more effectively with our neighboring states.
However, this critical industry could be decimated if some well-intended, but potentially damaging legislation is allowed to pass this session.
HB 6870, An Act Addressing Patients’ Prescription Drug Costs, could jeopardize the future of Connecticut’s life science industry, and the treatments and cures it delivers here and around the world.
Connecticut residents must have access to affordable testing and medicines, but this bill is not the solution.
I urge legislators not to put forth a bill that would have unintended consequences: Whereby patients will receive no real benefit; and which will make Connecticut one of the most restrictive states for life sciences companies, harming innovation and disincentivizing our industry from operating here.
HB 6870 seeks to establish prescription drug price controls tied to the Consumer Price Index. Policies like these jeopardize patient access to life-saving medications and deter investment in biotechnology and future innovation.
The bill would undermine the progress Connecticut has made in building a thriving life sciences ecosystem by creating a negative regulatory environment for the very businesses we are trying to retain and attract.
We understand the pressure our legislators are under to lower healthcare costs, but we urge careful, thoughtful action that considers models from other states that have found a balance between supporting patients and fostering innovation.
We ask the legislature to partner with BioCT and other organizations to devise a better solution. As a starting point, lawmakers should examine the real cost drivers of medications: pharmacy benefit managers (PBMs).
These companies make billions of dollars using complex and ever-changing policies that keep savings intended for patients, for themselves to increase their own bottom lines.
In this time of national supply chain uncertainty, rising costs, economic volatility and intense federal fiscal and policy pressure, we need state support more than ever.
Connecticut lawmakers must stand with the life sciences industry to maintain a strong, competitive environment for growth in our state.
HB 6870 would undo years of progress in building a thriving life sciences industry, while failing to achieve its goal of benefitting patients.
I respectfully urge lawmakers to reject HB 6870. Let’s work together to find a better path forward — one that keeps Connecticut a place where the next breakthrough therapy can be developed — as we weather national challenges together.
Jodie Gillon is the president and CEO of BioCT, a trade group that represents the state’s life sciences industry.
Most Recent
Most Recent
0 Comments