Washington, DC, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Today, Representative Greg Murphy, Representative Don Davis, and Representative Richard Hudson reintroduced the bipartisan Ensuring Pathways to Innovative Cures (EPIC) Act, which would amend the Inflation Reduction Act to provide newly approved small-molecule drugs and biologics the same 13-year exemption from price controls.
Incubate executive director John Stanford issued the following statement:
"Representative Murphy, Representative Davis, and Representative Hudson deserve real credit for leading the charge to fix this fundamentally flawed provision of the IRA. The EPIC Act will help ensure that life sciences venture capital investors make their decisions based on scientific and therapeutic potential, not arbitrary policy distinctions.
"From the moment Congress enacted the pill penalty in 2022, we've seen the consequences unfold in real time. Funding for small molecules -- which typically come in the form of easy-to-take pills or tablets -- has plummeted by a stunning 70% since the IRA was first introduced.
"For patients, the impacts are real and measurable: So far, we've lost 40 research programs and 22 drugs have been discontinued since the IRA became law, according to Incubate's own Life Sciences Investment Tracker.
"A recent survey by Incubate found around 90% of investors surveyed say they're less interested in funding small-molecule R&D because of the IRA. That's a flashing red light that should concern all of us.
"We cannot afford to let federal policy dictate winners and losers in drug development. By ending the pill penalty, the EPIC Act will level the playing field so that all potential breakthroughs have a fair shot.
"Incubate has championed the EPIC Act from the start, and we're not backing down. We will continue to advocate for commonsense policies like this that bring breakthrough treatments to patients everywhere."
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About Incubate
Incubate is a 501(c)(4) organization of venture capital firms representing the patient, corporate, and investment communities. Our primary aim is to educate policymakers on the role of venture capital in bringing promising treatments to patients in need.
Lucia Orlandi Incubate 8123634434 lucia@keybridge.biz
