BIO to Testify at Senate Finance Committee Hearing on Medicare Modernization

WASHINGTON, D.C. (June 22, 1999) The Senate Finance Committee will hold a hearing Wednesday, June 23, 1999, at 10 a.m. to discuss Medicare and prescription drug benefits.

Dr. J. Leighton Read, chairman and CEO of Aviron, will testify on behalf of the Biotechnology Industry Organization (BIO). Dr. Read will examine the long-term effect on biotech companies of changes in Medicare policy. In particular, he will discuss the negative impact of direct and indirect government-imposed drug price controls on biotech companies' ability to raise money in capital markets to support their innovative research. Dr. Read's complete written testimony will be available on BIO's website (www.bio.org) Wednesday.

WHAT: Hearing on Medicare and prescription drug benefits Senate Finance Committee

WHEN: Wednesday, June 23, 199910 a.m.

WHERE: Room 215, Dirksen Senate Office Building

BIO represents 850 biotech companies, academic institutions and state biotechnology centers in 47 states and 26 nations. BIO members are involved in the research and development of health care, agricultural and environmental products.