July 07, 2022
U.S. Senate Drug Pricing Legislation Advances
Yesterday, Democrats in the U.S. Senate advanced drug pricing legislation that includes government price-setting policies in the Medicare program that will threaten Patient access and future innovations. The reconciliation package submitted by US Senate Majority Leader Chuck Schumer (D-NY) will now be reviewed by the Parliamentarian. BioNJ will provide additional updates as we assess the details of this harmful legislation and learn more about its potential advancement. BioNJ released the following statement:
“The drug pricing legislation being considered by Congress to address prescription drug costs is misguided and will ultimately harm medical innovation and Patients,” said Debbie Hart, President and CEO of BioNJ. Government price-setting polices will threaten Patient access and future innovations. Congress should focus on policies that would actually support Patient access and reduce costs by focusing on the role of PBMs and all insurance middlemen who drive up drug prices and shift more of the cost burden to Patients. 
 
BioNJ stands ready to work with our Members of Congress on policy solutions that would positively impact Patient out-of-pocket costs. The proposed legislation would have a detrimental impact on future investment in research and innovation, with a disproportionate impact on the smaller biotechnology companies. With the COVID pandemic and other diseases such as cancer and diabetes impacting the health of Patients, now is the time to strengthen the innovative Biopharmaceutical ecosystem and combat health inequity, not harm it through price controls.
Click here for BIO’s statement.
End-of-Session Budget and State Legislative Recap
Governor Murphy on June 30th signed into law the Legislature-passed fiscal year 2023 New Jersey State budget. The $50.6 billion State Budget, the largest in New Jersey history, includes the State’s largest surplus of over $6 billion, property tax relief through the ANCHOR program and a second consecutive full payment to the public worker pension fund. The historic windfall in state tax revenue of nearly $11 billion enabled this funding.
 
The budget continues the State’s commitment to our life sciences ecosystem with a significant investment in the New Jersey Commission on Science, Innovation and Technology. BioNJ applauds Governor Murphy, the leaders of the Senate and Assembly and all members of the Legislature for their commitment to funding innovation. “BioNJ extends our appreciation for this funding and are committed to achieving our mission to strengthen the innovation economy within the State,” said Debbie Hart, President and CEO of BioNJ and Vice Chair of the Board of the NJ Commission on Science, Innovation and Technology.
 
Also, in the final days of the session, the Legislature passed, and Governor Murphy signed legislation that addresses mental health and gun control, combats food insecurity, and funds women’s health initiatives. The full package of bills focused on prescription drug affordability was not advanced through both houses, and the Legislature is poised to address the package when they return in the Fall. S1614, legislation which requires health insurance carriers to provide coverage for epinephrine auto-injector devices and asthma inhalers and limits cost sharing for health insurance coverage of insulin, was the only bill in the package to receive any action. S1614 was passed unanimously by the Senate on June 26 and was received in the Assembly and referred to the Assembly Appropriations Committee. The Assembly companion bill, A2839, also remains in Assembly Appropriations. BioNJ will continue to work with the Governor’s office and legislative sponsors and leaders to ensure that any policies to address prescription drug affordability will provide for meaningful transparency across the supply chain, while ensuring future innovation and Patient access and affordability to lifesaving treatments.
World Trade Organization Members Adopt TRIPS Waiver
World Trade Organization (WTO) Members adopted a package of agreements, which included a Ministerial Decision on the Agreement on Trade-related Aspects of Intellectual Property Rights (TRIPS) at the12th Ministerial Conference (MC12) in Geneva in June. The waiver allows developing countries, including China, to waive intellectual property protections to manufacture and export patented COVID-19 vaccines without the consent of the patentholder. This waiver will do nothing to increase global vaccination rates as vaccine supply is not the issue. Of additional concern, is the WTO’s decision during the meeting to consider an expansion of this waiver. As included in the text released by the WTO, “No later than six months from the date of this Decision, Members will decide on its extension to cover the production and supply of COVID-19 diagnostics and therapeutics.” An expansion of this waiver will threaten the principles of our intellectual property protections and the future of medical innovation.

The full text released by WTO can be found at here. 

Click here to read BioNJ’s statement in response to the decision by the WTO Ministerial Conference to waive intellectual property rights on COVID-19.
FTC Listening Forum
The Federal Trade Commission hosted the fifth in a series of virtual public forums to hear from those who have experienced firsthand the effects of mergers and acquisitions. The June 21st forum was attended by FTC Chair Lina M. Khan and Commissioners Noah Joshua Phillips, Rebecca Kelly Slaughter, Christine S. Wilson and Alvaro M. Bedoya, and included a range of participants in the marketplace. Commissioner Phillips advocated for this additional session for the Commission to hear from cutting-edge innovators in the life sciences and other diverse voices which had not been included in prior listening sessions. AskBio’s Founder and CEO, Sheila Mikhail, and Jerry Swindell, Johnson & Johnson’s Chief Antitrust Counsel, provided compelling and meaningful testimony which can be reviewed in the links below.

Click here to view the session. 
Click here to read the transcript. 
We Need Your Help: Support BioNJ Policy and Advocacy Efforts
BioNJ is the voice of New Jersey’s life sciences sector in Trenton and Washington. BioNJ’s Public Policy Support Series sponsorship opportunities are still available for 2022. Help ensure BioNJ continues to deliver our message of improved Patient access and enhanced innovation through a Public Policy Support Series Sponsorship.  

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