CLSA in San Francisco Business Times: In numbers, California biotech makes case to uncover more ‘treasure’
By Ron Leuty San Francisco Business Times
Nov. 12, 2015
California’s life sciences industry is a “state treasure” and government officials must make it easier to move potential life-changing drugs, medical devices and diagnostics toward patients, the California Life Sciences Association said Thursday in its annual report.
The report, produced by PricewaterhouseCoopers and the trade organization created by this year’s merger of BayBio and the California Healthcare Institute, highlighted several statistics on the number of life sciences jobs, the status of California as a global biotech drug, device and diagnostic hub, and the venture capital investment. But the underlying tone was that more needs to be done to help the products get to market.
“The sector is a state treasure, and we look forward to working with officials at all levels — locally, in Sacramento and in Congress — ton ensure we protect and promote the sector and the promise and hope it offers to millions around the world,” Sara Radcliffe, president and CEO of the association, said in a statement.
The report comes as the broader life sciences industry — and some Bay Area companies, such as Foster City-based Gilead Sciences Inc. (NASDAQ: GILD) — have come under fire from patient groups, payment gatekeepers, some members of Congress and presidential candidates Hillary Clinton and Bernie Sanders over drug pricing.
Specifically, Radcliffe mentioned tax, intellectual property, regulatory and coverage and payment policies that “recognize and reward the value of life sciences innovation.” She also cited repeal of the medical device tax that is part of the Affordable Care Act and an improved Food and Drug Administration product-review process.