Everyone in biotech should watch this Congressional testimony by three remarkable individuals. Biotech CEOs Steve Potts (@DesertBiopharma) and John Crowley (@CONLEY15941395) defended the biomedical innovation ecosystem, advocated for the insurance reforms that are so essential to making medicines affordable, and pressed for a fix to the 9y small molecule penalty (change 9 to 13). They prepped, they he stood, and they spoke. They were joined by the remarkable patient advocate John Czwartacki (@CZ), whose testimony, rooted in his own struggle with MS and appreciation of the power of innovation, is almost unparalleled by anything I've heard from anyone (@G17Esiason is in that zone). CZ made the point that we are all patients. He defended the power of the market to reveal what we all value... the pursuit of more and better life for everyone. He asked if the government can really be entrusted to be better than the market at calculating the value not only hope but real progress that transforms the lives of patients like him, like all of us. It's also worth listening to the inventory of misunderstandings and misinformation that poured from the mouths of every single Democrat... except for Congressman @ScottPetersSD. He was the key leader in the House who stood in the way of HR3, which would have imposed price controls on all medicines at launch. I only wish that his own bill had passed instead of the IRA; he advocated for imposing price controls (Medicare Negotiation) after a drug had a patent-period of reward. Ultimately, his bill shifted HR3 from an extreme to the current "compromise" that gave biologics an adequate 13 years and small molecules a mere 9 years. And unlike any other Democrat who spoke at this hearing, he acknowledged that the IRA could and should be improved. If only Democrats and Republicans could work together, there could be a majority that would pass the simple fix of changing 9 to 13 and keeping it budget neutral as Steve Potts proposed by just raising the minimum discount after 13 years (it's not like any investors assumes CMS will stick to the minimum discount anyways so the law may as well increase the discount so that the CBO can score those savings). In the Senate, I think there would then be at least one Democratic Senator who would vote with Republicans to make that fix. But President Biden would then need to sign it in. Imagine that... imagine a budget neutral fix to the IRA whose only effect was to restore incentives for small molecule innovation, taking more from old drugs to preserve incentives for new ones. Would President Biden shoot that down with a veto just because it was supported mostly by Republicans? Is he that spiteful? So arrogant about the perfection of this first draft of his landmark bill? I only hope we have the chance to find out. @NPLB_org @IAmBiotech @PhRMA @SenateHELP @TheEconomist @WSJ @loopcoalition