Biotech fears looming pricing pressures

It's no secret that President-elect Obama is an advocate of cutting drug prices. An ardent supporter of expanded health care coverage, Obama is expected to put a lot of pressure on the biotech industry to make meds more affordable. But according to James Greenwood, president of the Biotechnology Industry Organization, this is not time to cut drug prices. "The most important thing this administration has to do is get the economy rolling again," Greenwood said. "You can't simply go after big pharma on pricing and not expect it to have an impact on the most innovative young companies." Article [1]