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The New Jersey Life Sciences Vendors Alliance (NJLSVA) is a coalition of businesses, individuals and academia who provide goods and services to New Jersey’s life sciences companies.

The NJLSVA was founded to educate suppliers on trends in industry procurement and public policy that affects the life sciences industry.

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President Proposes Cuts to Healthcare Industries; Life Sciences Industry Responds

Washington, DC, April 11, 2013 — Yesterday, President Obama unveiled his Fiscal Year 2014 proposed budget, which includes deep cuts in Medicare payments to pharmaceutical companies, hospitals and nursing homes.  Obama’s budget includes roughly $400 billion in healthcare savings — the vast majority of which come from cuts to healthcare providers, rather than changes in benefits.

According to The Hill, the pharmaceutical industry would take a hit of nearly $150 billion under Obama’s budget.  The President proposed steep cuts in the prices Medicare pays for prescription drugs, as well as policies that would speed cheaper generic drugs to market more quickly.

Most of the proposed cuts to healthcare providers have been in Obama’s past budgets. The biggest-ticket items — including more aggressive discounts for prescription drugs — have so far proven to be non-starters with congressional Republicans.

The Food and Drug Administration (FDA) announced it is requesting a budget of $4.7 billion to protect and promote the public health as part of the President’s FY 2014 budget. 

Industry user fees would fund 94 percent of the proposed budget increase, including new fees to support the landmark Food Safety Modernization Act (FSMA) and strengthen the FDA’s ability to oversee imported food. 

The FDA said the remainder of the proposed budget increases would support programs that are necessary to preserve the safety of medical products and meet the agency’s growing duties.  Recognizing the need for fiscal constraint, the budget includes spending cuts in several areas, including a $15 million decrease in budget authority for human drug, biologics, and medical device programs.

Life Sciences Industry Responds

The life sciences industry’s national trade associations were quick to respond to the President’s proposed budget.

Pharmaceutical Research and Manufacturers of America (PhRMA) Senior Vice President Matthew Bennett said, “President Obama has pressed for innovation and biomedical research, job creation, and controlling health care costs and yet his 2014 budget includes stale, previously rejected proposals that would undercut all of these efforts.  Notably, not one of these policies was included in the budget blueprints already passed by the House and the Senate.”

Bennett added that the President’s proposed budget “is bad for patients, bad for innovation, and bad for the economy.”  To learn more about these “misguided” policy proposals and their negative effects, click here.

Responding to the President’s budget yesterday, Advanced Medical Technology Association (AdvaMed) President and CEO Stephen J. Ubl said, “While we appreciate the need to address the deficit, the medical technology sector has already borne the brunt of significant reimbursement cuts and the $30 billion device tax.”

Ubl continued, “We are deeply concerned that some of the policy proposals in the budget … will chill continued medical innovation affecting current and future Medicare beneficiaries as well as significantly harm access to life-saving, life-enhancing medical technology.”

For additional information on President Obama’s FY 2014 proposed budget, click here.

For the complete Hill story, click here.

For PhRMA’s statement, click here.

For AdvaMed’s statement, click here.