Thomas Will Focus on Strategies to Promote Legislative Pathway for
RICHMOND, Va., July 17 /PRNewswire-FirstCall/ -- Insmed Inc. (Nasdaq: INSM), a developer of follow-on biologics and biopharmaceuticals for unmet medical needs, today announced that The Honorable Bill Thomas, Former Chairman of the House Ways and Means Committee from 2001 to 2007, has been retained by Insmed as a strategic advisor to assist the Company's efforts to bring follow-on biologics to U.S. customers and consumers.
Bill Thomas played a critical role developing key health legislation during his 28 years of service in the US House of Representatives, culminating in the passage of the Medicare Modernization Act of 2003, which created Medicare Part D prescription drug coverage for seniors.
"During my time in Congress I helped lay the groundwork to allow biologic competition from follow-on biologics. I am excited to partner with Insmed to continue that fight," said Chairman Thomas. "Biotechnology represents the future of modern healthcare in America, but as is the case across all industries in our economy, competition will foster innovation and benefits for consumers," Thomas continued. "Insmed is walking the walk, having already produced data showing bioequivalence between one of their products and a pioneer drug. Given the rising costs of healthcare, Congress needs to pass legislation creating a pathway for follow-on biologics."
The announcement follows Insmed's release of data last week
demonstrating bioequivalence between INS-19 and Neupogen(R) (patented in
1996) in Phase I clinical trials. In the coming months, Insmed will seek
FDA approval to begin Phase III clinical trials for INS-19 and also
initiate Phase I trials for Insmed's second follow-on biologic product,
INS-20, a generic form of Neulasta(R) (patented in 1998). The two biologics
represented combined 2007 worldwide sales of over $4 billion. Insmed p
|SOURCE Insmed Inc.|
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