Letter: Feds hurting biotech companies’ research

To the editor:

In 1842, Crawford Long performed the first surgical operation using anesthesia with ether, leading the way toward painless surgery. Fast forward to the 21st century, and in 2013, the first kidney was grown in vitro, right here in the United States.

For decades, this country has led the world in biotechnology innovation, successfully pushing the limits of finding cures for some of the deadliest diseases. Investing in research and development for further cures and medical solutions to make lives better continues to be a priority across the country.

Currently, however, federal regulations are forcing certain biotechnology companies and businesses to spend money on expensive financial audits, rather than enabling investment in cutting edge, scientific and medical research and development.

We need to scrub these regulations that detract from advancement which will empower growing and emerging businesses across the country – and those right here in Indiana – to create jobs and invest in our communities. The next generation of cures to combat illnesses that plague Hoosiers depends on more private investment.

To ensure our local businesses are empowered to succeed, I worked across the aisle with Rep. Krystin Sinema to find a bipartisan solution. Together, we introduced the Fostering Innovation Act (H.R. 1645) which passed the House of Representatives recently. We’ve all lost loved ones to diseases, and this legislation helps ensure that costly regulations don’t stand in the way of success for biopharmaceutical companies on the cutting edge of scientific and medical research.

The effects can be seen right in Indiana’s Ninth Congressional District. AB Biotechnologies, a successful biotechnology company in Bloomington, started out in an extra bedroom of the now CEO’s home. As it continues to grow, AB Biotechnologies has felt the effects of over-burdensome regulations that hinder innovation. According to AB Biotechnologies’ founder, our “Fostering Innovation Act eliminates the costly burdens of extensive audits to many of our clients, allowing them to invest further in drug development in Indiana. Ultimately, these savings will be passed on to patients which benefits the community as a whole.”

Over-burdensome regulations that thwart potential and growth are not unique to healthcare. From agriculture to computer science, there are constant cases of costly, duplicative rules preventing the next great American innovation.

Getting government out of the way and back to work for Hoosiers is one of my top priorities as your representative. The aspirational dream of America is that anybody anywhere can become anything; in biotechnology, these pioneers are saving Hoosier lives with their innovations. I am honored to fight overreaching bureaucracy getting those cures in your loved ones’ hands faster and ensuring America remains the world leader in research.

Trey Hollingsworth