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Senator Lesser, Representative Gilchrest, Senator Seminara, Representative Case, and members of the Human Services Committee, thank you for the opportunity to submit testimony regarding SB 8 AAC DRUG AFFORDABILITY.
My name is Jodie Gillon, and I am the President and CEO of BioCT. BioCT is a leading voice for the life science industry in Connecticut. Our mission is to catalyze and accelerate growth in the life sciences with the goal of improving human health, by fostering a rich, innovative ecosystem and promoting Connecticut as a preferred destination for life science exploration and innovation. Our members include life and healthcare science companies, major research universities and other academic institutions, health centers, medical device developers and manufacturers and other partners. We educate, cultivate entrepreneurship, support the growth of life science companies and collaborate to ensure a sustainable, high-value life science and healthcare community that improves our quality of life and keeps the Connecticut economy strong.
On behalf of our organization, I would like to voice my opposition to SB 8. This bill could have a negative impact on the future of the life science industry in the state of Connecticut. We are in constant competition with other states in an effort to create a favorable environment for life science growth in our state. SB 8 could actually undo the progress we have made and deter new investment in a highly competitive industry and be harmful to future innovation.
We need to be mindful of policy proposals and decisions that may seem to be helpful but actually have the opposite effect. The intent of SB 8 is to set prices for pharmaceuticals, which could actually limit pharmacy options for Connecticut residents. Creating such policies will jeopardize patient access to lifesaving drugs and deter investment and innovation in biotechnology. The state has been and continues to be supportive in actively recruiting bioscience businesses. This bill would counter that effort by creating a negative regulatory environment for the very businesses that currently exist in our state and the ones we are trying to recruit.
As an organization, we are also concerned about the rising costs of healthcare and the effects it has on businesses. The cost of healthcare and prescription drug coverage is a challenging issue that should be looked at comprehensively. We feel that this bill unfairly targets the life science industry and would hinder scientific innovation helping people live longer and healthier lives.
I ask the committee to oppose SB 8.
Respectfully submitted,
Jodie Gillon
President & CEO, BioCT