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BIO PRESIDENT SEES PRICE CONTROL PROPOSALS HOLDING BACK BIOTECHNOLOGY INDUSTRY GROWTH IN 1994

 WASHINGTON, Dec. 29 /PRNewswire/ -- Carl B. Feldbaum, president of the Biotechnology Industry Organization (BIO), issued the following statement on the future of the biotechnology industry for 1994:
 "The cloud of uncertainty over the fate of President Clinton's price control proposals on new breakthrough drugs will further discourage research and growth in the biotechnology industry in 1994.
 "This means fewer expansion plans, fewer new jobs and worst of all a slowing down in biomedical research into cures and therapies for some of the most devastating diseases known.
 "A BIO survey showed that in 1993 almost half our member companies seeking cures and therapies for AIDS had to curtail that research due to lack of capital. Forty percent said President Clinton's price control proposals were the chief reasons investors were shying away from biotech stocks.
 "When cures for diseases such as cancer, Alzheimer's, AIDS, cystic fibrosis and multiple sclerosis are found they will come from biotechnology. President Clinton's proposals are just making our research job that much tougher. It will be very difficult to win the fight for medical innovation if the president remains adamant in his plans. BIO will need the personal involvement of every biotech CEO to carry our case to the Congress and the administration.
 "Despite the effects of the president's proposals, the long-term prognosis for the industry is healthy, and if properly encouraged, America will remain the world leader in this new and exciting technology. And if and when this cloud of uncertainty is lifted, this industry will be poised for very strong growth in the new year and in the future.
 "On the scientific front, 1993 saw the discovery of the genes responsible for Huntington's disease as well as for colon and rectal cancer by biotech researchers. And it is our fervent hope that in this new year of 1994, biotech researchers will determine the gene responsible for breast cancer and other diseases.
 "This year was also the first year that this industry came together to speak with `one voice' with the formation of its new biotechnology association, `BIO.' We look forward to strengthening that voice in the new year."
 The Biotechnology Industry Organization represents more than 530 companies, academic institutions, state biotechnology centers and other organizations involved in the research and development of health care, diagnostic, agricultural and environmental products.
 -0- 12/29/93
 /CONTACT: Dan Eramian of the Biotechnology Industry Organization, 202-857-0244/


CO: Biotechnology Industry Organization ST: District of Columbia IN: MTC SU: EXE

KW-DC -- DC008 -- 7815 12/29/93 13:54 EST
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Date:Dec 29, 1993
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