Weekly Policy Blog: President Biden Signs Inflation Reduction Act into Law
By: Colorado BioScience Association Date: 08/17/2022
On August 16, 2022, President Biden signed the Inflation Reduction Act, a bill aimed at addressing high inflationary costs. The massive bill increases corporate taxes and includes measures designed to reduce greenhouse gas emissions. CBSA and our national partners lobbied against provisions in the new law that allow the federal government to negotiate prescription drug costs.
Why It Matters
Specifically, the sweeping legislation imposes government price setting in Medicare, a decision that could chill investment in next-generation treatments and cures for patients in need.
In fact, according to a Vital Transformation study, price setting will impact jobs in our industry, including here in Colorado: Research indicates the legislation will likely lead to the loss of over 590,000 jobs across the country, dealing a devastating blow to our economy and to families everywhere. In Colorado, the legislation could lead to a loss of 1,264 direct biopharma jobs in Colorado and over 6,700 biopharma-supported jobs in our state. That translates to $1,645 million in lost biopharma supported output.
As part of a nationwide effort led by our partners at BIO, CBSA worked to mobilize Colorado’s life sciences community to combat aspects of the Act. CBSA thanks our community for speaking out against government price setting on prescription drugs. We will continue to advocate for policies that protect patient access and medical innovation.
What’s Next in Washington, D.C.?
The U.S. Senate and House members have officially gone on recess and returned to their home districts. Members of the House of Representatives are scheduled to return September 13 and the Senate on September 6. During this time we will be working to connect directly with Members of Congress on reauthorization while they are in district. CBSA is laser focused on making sure the Small Business Innovation Research (SBIR), Small Business Technology Transfer (STTR) and the User Fee program get reauthorized in a timely manner before they expire on September 30th. You can voice your support for reauthorization of these vital programs by sending a message to our members of Congress and urging swift action on these important programs.