BIO addresses CMS Open Payments release and Sunshine Act.
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Press Release Summary:
Jim Greenwood, President and CEO of BIO, issued statement in response to Centers for Medicare and Medicaid Services' Open Payments release and Sunshine Act. According to Greenwood, relationships between life sciences industry and physicians lead to stronger R&D collaboration and educate health care providers. It is disappointing that CMS failed to provide necessary context about disclosures and how they should be read. BIO is concerned that some third parties will attempt to misuse the data.
Original Press Release:
BIO Statement: Lack Of Context In CMS's Sunshine Data Threatens Health Care Innovation
Relationships between life sciences industry and physicians lead to stronger R&D collaboration and educate health care providers
WASHINGTON -- Today, Jim Greenwood, President and Chief Executive Officer of the Biotechnology Industry Organization (BIO), issued the following statement in response to the recent Centers for Medicare and Medicaid Services (CMS) Open Payments release and the Sunshine Act:
“To comply with the Sunshine Act, BIO’s members, many of them small companies just bringing their first product to market, have spent time and money that otherwise would have been spent in search of the next life-saving innovation or cure.”
“BIO and our members support transparency in the life science industry and in the relationships between industry and physicians. We also strongly believe in the value such relationships bring to the patients we commit together to serve. Relationships between U.S. physicians and the life sciences industry benefit patients by fostering innovation and collaboration in the R&D process, and by helping health care providers stay up to date on critical medical information, such as cutting-edge new biologics approved by the FDA, new uses of existing medicines, the latest clinical data and safety information.
“To comply with the Sunshine Act, BIO’s members, many of them small companies just bringing their first product to market, have spent time and money that otherwise would have been spent in search of the next life-saving innovation or cure.
“That is why it is disappointing that CMS failed to provide the necessary context about these disclosures – and how they should be read. We are very concerned that some third parties will attempt to misuse the data, potentially threatening innovation in our nation’s health care system. We will work with CMS and others to ensure an appropriate context is quickly provided in order to avoid this harmful result.”
About BIO
BIO is the world's largest trade association representing 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. BIO produces BIOtechNOW, an online portal and monthly newsletter chronicling “innovations transforming our world.” Subscribe to BIOtechNOW.
Upcoming BIO Events
BIO Investor Forum
October 7-8, 2014
San Francisco, CA
BIO Europe 2014
November 3-5, 2014
Frankfurt, Germany
BIO IPCC Conference
November 10-12, 2014
Nashville, TN
BIO Pacific Rim Summit on Industrial Biotechnology & Bioenergy
December 7-9, 2014
San Diego, CA
BIO CEO & Investor Conference
February 9-10, 2015
New York City, NY
BIO Asia International Conference
March 24-25, 2015
Tokyo, Japan
BIO International Convention
June 15-18, 2015
Philadelphia, PA
Contacts
Biotechnology Industry Organization (BIO)
Jeff Sadosky, 202-312-9298
Web: www.bio.org
Blog: www.biotech-now.org
Twitter: @IAmBiotech
