BIOTECHNOLOGY INDUSTRY REPRESENTATIVE TO TESTIFY ON MEDICARE PRESCRIPTION DRUG BENEFIT

WASHINGTON, D.C. (May 15, 2001) – Robert Chess, chairman of Inhale Therapeutic Systems, based in San Carlos, Calif., is scheduled to testify on behalf of the Biotechnology Industry Organization (BIO) tomorrow in front of the Subcommittee on Health of the House Energy and Commerce Committee.

At tomorrow’s hearing, scheduled for 10 a.m. in 2322 Rayburn House Office Building, Chess will address the importance of a Medicare drug benefit that relies on private sector solutions for all beneficiaries. Chess will also highlight the importance of providing financial protection for Medicare beneficiaries in the form of “stop loss coverage.” In addition, Medicare reform should remain consistent with incentives needed to develop breakthrough medicines, and support the biotechnology industry in today’s competitive marketplace.

Chess’s complete testimony will be posted on BIO’s Web site, http://www.bio.org as soon as it is available.

BIO represents more than 950 biotechnology companies,academic institutions, state biotechnology centers and related organizations in all 50 U.S. states and 33 other nations. BIO members are involved in the research and development of health care, agricultural, industrial and environmental biotechnology products.

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