WWFH Statement on Treasury’s Proposed Implementation of the COINS Act

America’s leadership in biotechnology is a strategic economic and national security asset. We Work For Health is committed to supporting policies that protect U.S. national security and patient safety, including preventing sensitive American technologies from strengthening foreign adversaries. Protecting that leadership means keeping the United States the world’s most attractive place to invest, discover, develop and manufacture new medicines. It does not mean creating new barriers that will benefit our adversaries ability to overtake America’s position.

We Work For Health strongly opposes The Department of Treasury’s proposed expansion of the COINS Act framework to significantly expand biotechnology impact in ways that could restrict pharmaceutical investment, licensing, and research and development partnerships. At a time when China is investing aggressively to expand its biotechnology capabilities, U.S. policy should strengthen America’s competitive advantage while protecting our national security and international market position – not put it at risk.

“The United States should have one clear goal: lead the world in developing the next generation of medicines and ensure American patients are the first to benefit,” said Dan Leonard, Executive Director of We Work For Health. “We win by making the United States the most attractive place in the world to invest, discover, develop and manufacture new medicines. The Department of Treasury should target genuine national security threats without restricting the legitimate research, investment and partnerships that help American life sciences companies compete and deliver breakthroughs to patients.”

Broad restrictions could limit the ability of U.S. companies and investors to compete for promising science and ultimately slow the development of medicines for American patients. We Work For Health urges Treasury to more strategically target identifiable national security risks while protecting legitimate biomedical research, investment, licensing and commercial partnerships. Europe offers a cautionary lesson: policies that make a market less attractive for investment and innovation cede ground to competitors. The United States should choose a different path.

Competition with China will not be won by retreating from global competition while allowing China to solidify its position as world leader. It will be won by out-innovating and out-competing. America should remain the place where the world’s best scientists, entrepreneurs and investors develop the medicines of tomorrow, and where patients benefit from those breakthroughs first. The best way to protect America’s biotechnology leadership is to make it stronger.