PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan in Townhall: Congress Can Fix the IRA to Provide Targeted Support for Innovative Small Businesses

By at 18 May, 2024, 10:02 am

In a recent Townhall Op-Ed, SBE Council president & CEO Karen Kerrigan writes about the retrenchment in the life-science sector of the U.S. economy – a sector dominated by small to mid-size businesses. Kerrigan writes:

Put simply, it is a precarious time to be a biotech startup or small biotech company, regardless of the lifesaving drug a company has in the works. One particular provision in President Biden’s Inflation Reduction Act (IRA) adds to the worry and concern. This provision will reduce investment in a huge class of medicines, which includes everything from painkillers to antibiotics to cancer treatments. 

The loss of investment capital will devastate many small innovative businesses, which by extension puts patients at risk. It will also undermine the president’s own “Cancer Moonshot” to end the disease as we know it – unless Congress acts.

Kerrigan digs into the details of the IRA and its effects. She notes that a bill in Congress would lift the harm from at least one part of the IRA. Under the “Ensuring Pathways to Innovative Cures (EPIC) Act” – a bipartisan bill – small-molecule treatments would receive the same 13-year grace period as biologics, eliminating a disincentive that never had any basis in medical need. This would protect small biotech firms in a bruising marketplace – and give millions of patients renewed hope.

Read the full Op-Ed here.

 

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