9 June 2016 - Industry responds to candidates’ plans, congressional scrutiny.

A top pharmaceutical lobbying group will begin a counteroffensive against scrutiny of industry pricing practices, responding to criticism from both major U.S. political parties in a contentious presidential election season.

“Our industry has become an easy scapegoat for the real and growing problem of patient access to affordable new medications,”

Jim Greenwood, chief executive officer of the Biotechnology Innovation Organization, will say Wednesday at the group’s convention in San Francisco, according to a copy of remarks obtained by Bloomberg News. “My friends, we are fighting back.”

Industry and investor anxiety is mounting as presidential candidates ramp up their criticism. Republican Donald Trump has said he could save U.S. taxpayers billions by negotiating with drugmakers on drug prices for federal health programs. After Democrat Hillary Clinton tweeted in September that she would release a plan to fight drug costs, biotechnology stocks tumbled.

For more details, go to: http://www.bloomberg.com/news/articles/2016-06-08/pharma-group-punches-back-on-prices-as-election-pressure-rises