The treatment of NDA-path drugs in the Inflation Reduction Act materially degrades the investment case for these treatments in age-related diseases and thus jeopardizes future biotechnology progress and the health of America’s seniors.

If the Biden drug plan passes, the United States will be consciously volunteering to put less capital to work in a large industry where we lead the world. No real argument can stand against the fact that less capital means fewer new products for patients.