Report warns Massachusetts biotech cluster is vulnerable to fallout from health spending cuts | One of pharma's last bastions of job growth may fade in near future |
As the pressure to make health care more affordable mounts, Massachusetts biotechs and medical device makers worry that lower costs for consumers could be bad for business. Companies and investors in the life sciences cluster — a crucial part of the state’s economy — warn new restrictions on payments for drugs and other medical products will stifle innovation and harm patients, according to a report scheduled to be released Thursday at a state biotechnology gathering. The 115-page study, called Impact 2020, was prepared by Weston consulting firm Health Advances for the Massachusetts Biotechnology Council, a trade group convening its two-day annual meeting in Cambridge. In some ways, it puts the industry at odds with what has become a paramount social cause: providing medical care for everyone at reasonable prices.

Via Erin Smith