BIO Chief on the Wisdom of Giving Money to Democrats
Posted by Scott Hensley
August 12, 2008, 2:54 pm
Biotech execs believe in the power of science to triumph over just about everything but bad public policy.
That’s the view of Jim Greenwood, CEO of BIO, the biotech industry trade group. Unfortunately, he told us during a recent chat at Health Blog HQ, “bad policy comes more easily than good policy.”
BIO is doing what it can to tilt the balance in its favor. In the current election cycle, BIO has stepped up contributions to Democrats, who are getting 51% of the funds doled out by the group’s political action committee for federal office-seekers. That’s quite a change from past elections when Republicans got the lion’s share of donations. Dems got 38% of BIO’s bucks in the 2006 elections and only 24% in 2004.
BIO recognizes the reality that Democrats hold the key leadership positions on Capitol Hill, Greenwood told us. And that’s not all bad as far as the biotech industry is concerned. Democrats have been good on the NIH budget, embryonic stem cells and FDA funding, said Greenwood, who was a Republican congressman from Pennsylvania before taking the helm at BIO in 2005.
As for the presidential campaign, Greenwood said the biotech industry has worries about both candidates. Obama and McCain have supported re-importation of prescription drugs and direct price negotiation by the federal government for Medicare, he said.
On camera, Greenwood talked with us about the industry’s disappointment over a new Massachusetts law that would require disclosure of gifts and payments to doctors, FDA reform and this year’s presidential contest.
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