Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood has released a statement expressing disappointment in the Trans-Pacific Partnership (TPP) agreement.

“We are very disappointed in reports from Atlanta that suggest trade ministers have failed to include 12 years of data exclusivity for biologics in the Trans-Pacific Partnership agreement,” said Greenwood.

“BIO strongly believes that 12 years of data exclusivity is a prerequisite to attract the investment required to continue medical innovation and develop new biological cures and therapies. The current 12-year period of exclusivity in the U.S. was carefully crafted by a bipartisan majority of the Congress after a thorough and thoughtful debate and deliberation. The Congress set 12 years as the appropriate period to both foster innovation and provide access to biosimilars in a reasonable timeframe. While the TPP agreement will not impact the U.S. data protection period, we believe the failure of our Asian-Pacific partners to agree to a similar length of protection is remarkably shortsighted and has the potential to chill global investment and slow development of new breakthrough treatments for suffering patients.”

BIO is a trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the U.S. and in more than 30 other nations. BIO members are involved in the R&D of innovative healthcare, agricultural, industrial and environmental biotechnology products.