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PERTH, Australia – Proposed recommendations to update Australia's intellectual property (IP) system would be disastrous to the biopharma industry and would put a stranglehold on innovation and investment, industry stakeholders said.

The FDA still has a ways to go to ensure the safety and quality of the U.S. drug supply chain, as it has yet to inspect nearly 1,000 foreign plants that manufacture drug substances for the market.

Countering the congressional clamor for more competition and negotiations to reduce prescription drug prices in the U.S., the biopharma industry is providing some context that shows competition among branded drugs and tough negotiations often translate into bigger rebates, not cheaper prices for patients.

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