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Michigan Pharma And Biosciences Industries Threatened
During the fourth annual MichBio Expo and Conference where over 500 people from Michigan's Pharmaceutical, Life Sciences, and Biosciences Industries attended, a legislative update panel discussion announced that the development in these industries might be threatened with the new administration. The discussion was presided over by Peter Pellerito, a senior policy consultant at the Biotechnology Industry Organization and Stephen Rapundalo, CEO of MichBio. In an overall note, the discussion pointed out that the Barack Obama administration may not be friendly to the pharmaceutical and life sciences industry and with the current deficits in the economy may cut off funding for biosciences research. This will pose a big impact on Michigan's biotech industries.
Michigan based MichBio is an advocacy group that is affiliated with the Biotechnology Industry Organization and together they spearhead efforts in lobbying for key votes on biotechnology-related legislation on behalf of the biosciences community. According to MichBio, president-elect Obama plans to put more emphasis on preventive medicine, allowing more individuals to buy into Medicare, and would shun focus on pharmaceuticals. This plan to pass comprehensive reforms in the health care system would greatly affect companies, universities, suppliers, developers, investors and the general public.
Pellerito said that the proposal by president-elect Obama will try to solve the problem of the uninsured. The new public plan to provide insurance access to the uninsured will be patterned after the current Federal Employees Health Benefits Plan or FEHBP. Private coverage can also be provided through the National Health Insurance Exchange. Low income families will receive subsidies in this regard. The proposal would include extensive changes in the health care system to improve quality and cut-down on cost. However, this may require additional spending by the federal government and it is feared by the Michigan advocacy group that this may be diverted from funding for life sciences research.
The discussions during the MichBio Expo in Novi City, Michigan also expressed concerns on the dwindling number of legislators, particularly Republicans in Congress, who are supportive of the pharmaceutical and life sciences industries. With the ouster of U.S Rep John Dingell from the Energy and Commerce Committee, the future may look grim for these Michigan industries. Replacing Dingell in this powerful committee that overseas health care would be California Rep. Henry Waxman who is known to be unfriendly towards the pharmaceutical and life sciences industries.
In a later session on the latest technologies in the life sciences, representatives from Michigan's Oakland University said that the new administration should support the embryonic stem cell research with the passage of Michigan's Proposal 2. Research in this area should push through, with 600,000 embryos in freezers available for use. The university is working in conjunction with Beaumont Hospitals in conducting experiments on umbilical cord blood cells.
The MichBio event was concluded with key notes from health care giant Johnson & Johnson. The vice chairman from this company mentioned that pharmaceutical and life sciences companies, particularly those in Michigan's community, are betting on the future and the industry is in a very exciting period right now. The technology in health care has grown and expanded so much that the industry is moving to new directions: from looking for ways to treat symptoms of diseases, to treating the cause of the disease itself.
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