On Wednesday, June 2, the California Partnership for Access to Treatment hosted a virtual briefing with information provided by guest speakers Duane Schulthess of Vital Transformation, Laure Fabrega of Biocom California, and Scott Suckow of the Liver Coalition of San Diego.
The purpose of this briefing was to discuss the recent Vital Transformation study, which highlighted unintended consequences policies like H.R. 3 will have on both the life sciences landscape in California and for millions of patients. Specifically, the panelists discussed how:
- H.R. 3 would cut revenues by more than half (58%) for companies with medicines affected by the policy, leading to a nearly 90% reduction in new medicines developed by small U.S. biotech companies
- The result: 56 fewer approvals of medicines originating from these small biotech companies, a reduction of nearly 90%.
- H.R. 3 will greatly impact biopharmaceutical innovation—leading to safety and accessibility issues.
- Under H.R. 3, opportunities for new drug therapies will be severely limited, risking the health of older adults, those with disabilities and those with chronic diseases.
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