C. Political rhetoric and the IRA have created a chilling effect which prevents innovation now – AFF cant overcome it

Dan, 09-20, “IRA and political rhetoric harming pharma reputation and innovation, Amicus” BioProcess International, https://www.bioprocessintl.com/global-markets/ira-and-political-rhetoric-harming-pharma-reputation-and-innovation-amicus

With biopharma reputation at an all-time low, John Crowley told a packed BWB plenary how Amicus Therapeutics is “getting back the magic of biotechnology” and “recapturing the narrative.”

Biotech entrepreneur and Amicus executive chairman John Crowley took to the stage at the Biotech Week Boston (BWB) exhibit hall yesterday to share his vision of leading with “passion and compassion” to help revitalize the beleaguered biopharma industry.

Citing a Harris Poll survey from 2019, public perception of Big Pharma had hit rock bottom. “We used to be at the top in the ’80s and ’90s. Roy Vagelos, the long-time visionary CEO of Merck was for many years the most respected business leader in America,” he said.

John Crowley gave the plenary talk at BWB in Boston yesterday

“And then you look at public perception today. Some of it brought on by political rhetoric, part of it brought on by our actions: price increases and people playing games with IP that prevent new technologies getting to patients. That needs to stop.”

He added despite the industry stepping up through the pandemic – “we saved the world during COVID” – political rhetoric continues to take its toll, while the controversial Inflation Reduction Act (IRA) adds a further challenge.

The IRA passed into law last year with the intention to reduce inflationary pressures and avoid recession by boosting clean energy, strengthening supply chains, and increasing tax revenues. However, the Act has ruffled industry’s feathers through its efforts to reduce healthcare costs by extending premium subsidies in the Affordable Care Act’s (ACA) marketplaces and lowering prescription drug prices.

“It’s going to harm innovation,” said Crowley, mirroring the view of others, including Biogen, Merck & Co., and the trade group BIO. “The IRA is one of the worst pieces of legislation to pass congress, and that’s saying something! It will lead to fewer treatments and fewer cures; it will impose government mandated prices on drugs; it will cause a dislocation of investment from small molecules up to the large molecules; it’s not what we need to accelerate research and to bring medicines to patients.”