Kentucky Life Sciences Council (KLSC), the voice of Kentucky’s bioscience and healthcare industries, released the following statement in response to the Treasury Department’s proposed rule to expand COINS Act restrictions.
"KLSC supports the Administration’s efforts to protect national security and strengthen America's global competitiveness. However, the proposed expansion of the COINS Act to include restrictions on U.S. investment in China's biotechnology sector risks unintended consequences for medical progress and patient access to new therapies.
Biotechnology is a highly collaborative, global industry that depends on complex research, development, and manufacturing partnerships. An overly broad approach could inadvertently weaken U.S. leadership and disrupt critical investments and relationships that help bring innovative treatments to American patients. These restrictions could limit U.S. influence over the future of biotechnology, ceding greater control over the development and distribution of innovative medicines to other countries.
KLSC urges the Administration to consider the global nature of biotechnology and take a more cautious approach to the proposed COINS Act restrictions. Policymakers should target legitimate national security concerns while strengthening America's innovation ecosystem. Congress and the Administration should advance policies that expand clinical research opportunities, preserve a competitive U.S. marketplace, and hold bad actors accountable for unfair IP practices,” said Kyle Keeney, CEO and President of KLSC.
