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The head of the main pharmaceutical industry lobbying group on Thursday warned that a bill to lower drug prices from Speaker Nancy Pelosi (D-Calif.) would have a “devastating” effect on the industry and weaken its ability to develop new treatments. The Pharmaceutical Research and Manufacturers of America (PhRMA) is one of the most powerful groups in Washington, and its CEO, Steve Ubl, outlined on Thursday the arguments the group is making as it seeks to ward off a push from the House, Senate and Trump administration to crack down on its prices. (Sullivan, 10/10)

The head of the drug industry’s most powerful lobbying group said he is open to a modest deal on legislation to lower prices — even as he warned that the sweeping House Democrats’ bill would cast a “nuclear winter” on drug innovation. Stephen Ubl, president and CEO of the Pharmaceutical Research and Manufacturers of America, told reporters Thursday that he was working with lawmakers to develop a “balanced package” of bills that includes changes for drug manufacturers. Ubl said he has worked to engage on “outlier practices” and is no longer shying away from “issues that have divided the industry in the past.” (Clason, 10/10)

Venture capital drives biotech. Early investments power the huge capital needs and sustain the far-longer-than-normal development timelines that drug development requires. Venture capital dollars brought about new treatments like Yescarta, one of the first FDA-approved cell therapies for cancer, and even major biotech companies like Genentech. It’s easy to imagine those piles of cash are coming from billionaires’ bank vaults or some arcane Wall Street magic. But more often than not, those millions are coming from people with jobs that don’t bring them anywhere near a lab bench. (Sheridan, 10/11)