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Insmed CEO Geoffrey Allan Testifies at Congressional Hearing
At U.S. House Oversight Committee Discussing the Need for a "Generic Pathway" for Biologics, Dr. Allan Discusses the Role of Biotech Companies
RICHMOND, Va., Mar 26, 2007 (BUSINESS WIRE) -- Insmed, Inc. (NASDAQ:INSM) President and Chief Executive Officer, Geoffrey Allan, Ph. D., testified today at a congressional hearing, "Safe and Affordable Biotech Drugs - The Need for a Generic Pathway."
Dr. Allan was a witness before the House of Representatives Oversight and Government Reform Committee Majority Staff hearing. He, along with other industry and regulatory experts, shared his views on the role of biotech companies in the debate on the need for a generic pathway for biologics. Currently, the FDA lacks clear authority to approve a generic form of a biologic medication.
Biologics comprise one of the fastest growing and most expensive categories of drugs. By 2009, sales are estimated to reach $90 billion. Many biopharmaceutical drugs are already off patent or will come off-patent, allowing for a generic pathway to create biologics. According to published reports, an estimated $10 billion worth of biopharmaceutical drugs are expected to come off patent by 2010.
In his testimony, Dr. Allan stated, "Insmed has developed significant intellectual capital focused towards protein characterization and purification. We have invested in building the facilities required to manufacture quality proteins...The combination of our proprietary protein platform with a biogeneric protein platform meets our goal to sustain innovation along with the ability to provide safe and affordable drugs to address a growing economic issue."
He added, "The science has reached a level of sophistication to make this endeavour entirely possible, all we need now is the regulatory go ahead."
It is Dr. Allan's belief that once legislation comes into effect, Insmed will be well positioned to be a key player in the generic biologics market, given the Company's expertise.
A full transcript of Dr. Allan's testimony is available on the Insmed web site,
www.insmed.com. About Insmed Incorporated