UNLEASH PROSPERITY HOTLINE
No one wants America to outcompete China than we do.
But restricting our biotech industry is no way to achieve that.
America has invented some of the world’s most groundbreaking medicines. China is trying to catch up, and our lead in medical innovation could slip. The good news is the rivalry to win the race for the cure for diseases means more medical innovation overall and better health for everyone.
That’s why the Treasury Department’s proposed regulation under the Comprehensive Outbound Investment National Security (COINS) Act is misguided.
It’s unclear how selling or investing in drugs and biotechnology in China is a national security threat. The COINS Act was supposed to be used to keep sensitive MILITARY technology out of Chinese hands. Using it to ban most biopharmaceutical investments by U.S. companies in China will hurt America’s medical innovation.
Why? Because China has become the cheapest, fastest place in the world to do early stage drug development, and freezing US companies out could cede the intellectual property of many first-in-class drugs to the Chinese. That impairs our national security and our economy.
To win the global race for new cures, the Trump administration should focus on Unleash Prosperity Now’s Most Favored Patient agenda, including aggressive FDA reforms to make it easier and faster to develop medicines domestically, strong protection for intellectual property rights, and trade pressure to get other rich countries to pay their fair share for innovative American brand drugs.
Read more here.