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Biotech Group Warns Proposed Medicare Cuts Could Hurt Critical Sector of New England Economy
Date:7/28/2011

WAKEFIELD, Mass. July 28, 2011 /PRNewswire/ -- As the fight over deficit reform continues to drag on in Washington, the New England Biotech Association (NEBA) is urging lawmakers from across the region to fight to save a critical sector of the New England economy and ensure it doesn't become a victim of short-sighted cuts.

"Proposed cuts to Medicare not only reduce options for treatment and medications available to seniors, but would require seniors to pay more for less coverage," said NEBA Chairman Paul Pescatello.   "The biopharmaceutical industry in New England brings in jobs and research dollars, so we need our federal representatives to stand up now and fight against drastic Medicare cuts that will hurt the industry and its search for miracle cures."  

"While the growing federal deficit is certainly a threat to our economy, many of the proposed Medicare cuts would be devastating to the millions of Americans counting on that coverage in the coming years and to biotech jobs in our region," said Pescatello.  "Discussion about importing price controls into Medicare is especially distressing, as it will reduce competition, stifle development, and lead to poorer treatment quality for seniors."

Pescatello noted that more than a hundred members of Congress, including U.S. representative Frank Guinta (R-NH) and Charles Bass (R-NH) have written to Secretary of Health and Human Services Kathleen Sebelius urging her to protect Medicare Part D, which provides a competitive marketplace for private prescription drug insurance and provides pricing competition.

About NEBA:

Representing over 600 members from all six New England states, NEBA is committed to educating policy makers and the public about the biotech industry; promoting public policies that foster innovation; encouraging economic development in the biotech sector; and advocating continued patient access to life-saving and life-improving breakthrough biotech
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SOURCE New England Biotech Association
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