The National Hispanic Council on Aging (NHCOA) released the following statement expressing our strong support for the S.5029 Senator Bill Cassidy’s (R-LA) legislation to encourage eligible small biotech manufacturers to continue investing in innovative new therapies and cures that will help patients suffering with chronic or complex diseases, many of which disproportionately impact the Hispanic aging community:
“We support a robust research environment that helps – rather than hinders – companies with one or only a few commercial products that could prove lifesaving for so many patients. We don’t want these small companies to stop investing in R&D after one blockbuster drug, which could happen under the Inflation Reduction Act (IRA) with its current limited small biotech exception that expires in 2029 and which is partially based on the number of drugs a company manufactures. We commend Senator Cassidy for looking out for our Hispanic seniors with this new policy that incentivizes those small biotech companies that are willing to keep investing in R&D to keep innovating. By exempting these small biotechs with high R&D investments from Medicare drug price negotiations, more patients in our community will benefit from focused investments in new cures that they desperately need,“ said Dr. Yanira Cruz, President and CEO of the National Hispanic Council on Aging (NHCOA). “Small biotech company innovators investing significantly in R&D are absolutely critical to continuing a drug development pipeline that gives patients more meaningful treatment options and hope.”
About NHCOA:
NHCOA is the leading national organization working to improve the lives of Hispanic older adults, their families, and their caregivers. Headquartered in Washington, DC, NHCOA has been a strong voice dedicated to promoting, educating, and advocating for research, policy, and practice in the areas of economic security, health, and housing for Hispanic older adults, families, and caregivers for the last 51 years.
For more information about NHCOA call 202-347-9733 or visit www.NHCOA.org.
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