Statement from MassBio CEO & President Kendalle Burlin O’Connell on today’s release of proposed COINS Act rules:
“Today, the U.S. Department of the Treasury released proposed rules implementing the Comprehensive Outbound Investment National Security (COINS) Act. MassBio has consistently emphasized in discussions with Treasury officials and members of Congress that efforts to address national security risks must be carefully targeted to avoid undermining the innovation ecosystem that has made the United States a global leader in developing new medicines.
“For Massachusetts’ biotech industry, international partnerships and licensing agreements can bring promising scientific discoveries into the U.S. drug development pipeline, where American companies invest in and advance potential new therapies. Preserving the ability to develop breakthrough innovations from our own world-leading domestic pipeline while also identifying promising innovations from elsewhere is essential to maintaining America’s competitive advantage and access for U.S. patients.
“MassBio is carefully reviewing the proposed rules and intends to submit comments to help ensure that any final regulations protect national security without limiting opportunities for American biotech companies, weakening U.S. competitiveness, or delaying American patients’ access to innovative medicines.”
