BIO Comments on Medicare Drug Discount Agreement Announced by PhRMA, the White House and Senate Finance Committee

Business Wire, June 22, 2009

WASHINGTON -- The following statement was issued today by the Biotechnology Industry Organization (BIO) regarding the agreement reached among the Obama administration, the Pharmaceutical Research and Manufacturers of America (PhRMA) and the Senate Finance Committee to help close the coverage gap in the Medicare prescription drug program:

“We look forward to reviewing in greater detail the agreement struck among President Obama, PhRMA and the Senate Finance Committee.

“We will examine the deal through the lens of measuring its impact on the ability of biotechnology researchers to continue to develop and produce breakthrough medicines and therapies that extend and improve the quality of life – and provide renewed hope - for patients suffering from debilitating diseases such as cancer, Parkinson’s, Multiple Sclerosis and a host of rare diseases.

“We share the goal of ensuring that all Americans have access to high quality health care. We look forward to continuing our participation in the process of reforming our nation’s health care system to increase access and reduce costs while promoting the continued development of new therapies and cures.”

About BIO

BIO represents more than 1,200 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.

Upcoming BIO Events

World Congress on Industrial Biotechnology & BioprocessingJuly 19-22, 2009Montreal, Quebec, Canada

BIO Investor ForumOctober 28-29, 2009San Francisco, CA

Advanced Business Development CourseOctober 30, 2009Vienna, Austria

BIO Europe International Partnering ConferenceNovember 2-4, 2009Vienna, Austria

Pacific Rim Summit on Industrial Biotechnology and BioenergyNovember 8-11, 2009Honolulu, HI