PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan in Inside Sources: Senate Must Not Sabotage America’s Most Successful Tech Industry

By at 20 March, 2022, 9:48 am

It’s a strange time to watch the sausage being made on Capitol Hill and within the Biden Administration. At the same time that the House and Senate are moving legislation to help American industry compete with China and its growing high-tech dominance, legislation and policy movement on Capitol Hill and supported by the White House is being considered and advanced that would undermine America’s most innovative tech leaders and tech sectors.

In a March 16 Inside Sources Op-ed, SBE Council president & CEO Karen Kerrigan reviews the positive intent behind the COMPETES Act, and wonders why other legislation is even being considered that would harm one industry in particular where America is the undisputed leader – biopharmaceuticals. Kerrigan writes:

Unfortunately, at the same time Capitol Hill lawmakers are working to compete with China by boosting small innovative businesses, they are also pushing initiatives that would undermine this smart work. If adopted, certain provisions in the House version of the Build Back Better Act will suffocate the U.S. biotech industry.

While the United States is falling behind China’s 5G technology, green energy production, AI development and large swaths of the microchip industry, America has always led the way when it comes to biopharmaceuticals.

The House version of the Build Back Better Act would cap prescription drug prices at an artificially low price decided by government bureaucrats. If the Senate adopts this price control provision, American biotech and pharmaceutical companies would lose more than $1 trillion over the next decade.

Small life-science companies are particularly at risk from the policy.

Kerrigan agrees that the U.S. competing with China and staying more innovative is vital to America’s future “and the future of free markets, human rights and liberty.” But America will not win if our own elected officials continue to undermine U.S. tech and take away the most important advantage America has through harmful legislation and policy initiatives.

 

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