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December 7, 2023
1 Min Read
BIO represents members from small biotech startups to massive pharmaceutical companies.Image courtesy of Andrei Vasilev / iStock / Getty Images Plus
Pfizer is planning to leave the Biotechnology Innovation Organization (BIO), reports STAT, a health, science, and medicine news site.
The departure is a blow to the pharmaceutical trade group, which represents members ranging from small biotech startups to massive pharmaceutical companies. It is also the latest instance in a growing trend of pharmaceutical companies re-evaluating their memberships in large trade groups following a historic lobbying loss when Democrats passed a new drug-pricing reform law in August 2022.
This comes as BIO chose its new CEO, longtime biotech executive and rare disease advocate John Crowley, the organization announced. Crowley came to biotech when his children were diagnosed with a rare genetic neuromuscular disease. Crowley is the founder and executive chairman of rare disease drug developer Amicus Therapeutics (FOLD).
Pfizer is a prominent member of Pharmaceutical Research and Manufacturers of America (PhRMA), the second top industry group and the lobbying group for brand-name drug companies, and its chief executive officer, Albert Bourla, is its board treasurer.
Yet earlier this year, PhRMA also witnessed departures of leading drug makers AstraZeneca (AZN) and Teva Pharmaceutical (TEVA).
BIO represents around 1,000 member companies and calls itself the world's largest biotech trade association. The group is a leading voice on behalf of many biotechnology companies in the nation’s capital, lobbying policymakers on issues such as taxation and regulations.
About the Author(s)
Kristen Kazarian has been a writer and editor for more than three decades. She has worked at several consumer magazines and B2B publications in the fields of food and beverage, packaging, processing, women's interest, local news, health and nutrition, fashion and beauty, automotive, and computers.
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