Journal Article Highlights Need for Reform
For the past several years, we at BayBio have worked diligently to impart to members of Congress and the California legislature the challenges facing companies engaged in biomedical research – from the evaporation of available venture capital funding to sluggish approval processes at the FDA. These challenges have prolonged the time it takes to usher promising therapeutics to market, and have slowed job creation within the biomedical industry – just when the country is desperately in need of new job growth.
This week, BayBio’s board chairman and the president and CEO of OncoMed Pharmaceuticals, Paul Hastings, was quoted in the Wall Street Journal in an expose on challenges facing venture-backed biomedical innovators. Those of you who are familiar with Paul know that he is a passionate and outspoken advocate for the industry on these issues. Paul’s contribution to the Wall Street Journal comes on the heels of his testimony earlier this month before the Energy and Commerce Health Subcommittee on Capitol Hill.
As we gear up to fully realize the promise of personalized medicine, it is now more important than ever that we have an FDA that is efficient and provides regulatory certainty for companies developing new therapeutics and diagnostics. Venture capitalists will only invest in these promising new technologies if there is a pathway to timely regulatory approval and market entry.
I have directed Ritchard Engelhardt, BayBio’s vice president of government affairs, to collaborate with other industry groups in Washington and here at home to educate policymakers on the importance of these issues. It will continue to be a priority for BayBio in the coming years, and we are confident that with common sense regulatory reforms, Bay Area companies can be leaders in bringing diagnostics and therapeutics to market that will make personalized medicine a reality – saving healthcare dollars, improving patient quality of life, and creating thousands of jobs in the process.
If you would like to read Wall Street Journal article in its entirety, it is available here.