Rep. Scott Peters on the Pill Penalty, PBMs, China & America’s Biotech Future

China and biotech competition. Drug pricing reform. The FDA. PBMs. America’s innovation economy.This week on the Making Medicine Podcast, John Stanford sits down with Rep. Scott Peters to discuss the future of American biotech innovation, the importance of ending the “pill penalty,” and why China’s rapid rise in biotechnology is becoming a major strategic concern for the United States.Representing one of the country’s leading biotech hubs in San Diego, Congressman Peters explains why policies tied to the Inflation Reduction Act and investment incentives directly impact whether innovative medicines get funded, developed, and brought to patients.The conversation also explores the future of PBM reform, rare disease investment, FDA modernization, the workforce and scientific talent, supply chain security, and what policymakers must do to keep America competitive in biotech and life sciences innovation.This episode covers:🔹 Why San Diego became a biotech powerhouse🔹 The “pill penalty” and the EPIC Act🔹 How the IRA changed biotech investment incentives🔹 Why rare disease investment rebounded after the ORPHAN Cures Act🔹 China’s growing role in global biotech innovation🔹 FDA modernization and regulatory competitiveness🔹 Immigration, talent, and scientific leadership🔹 PBM reform and healthcare affordability🔹 Why diagnostics and genomics may transform healthcare🔹 The importance of bipartisan problem-solving in healthcare policyAt the center of the discussion is one core issue: competitiveness. Congressman Peters argues that America’s advantage in biotech depends on stable investment incentives, strong scientific institutions, private-sector innovation, and policies that continue attracting talent and capital into the United States.Check out more from Incubate Coalition:https://www.incubatecoalition.org/Join the Conversation ⬇️Do you think the United States is doing enough to stay competitive with China in biotech innovation? Should Congress further reform the IRA to encourage more biotech investment and drug development?What matters most for the future of American healthcare innovation: FDA modernization, PBM reform, or stronger investment incentives?Let us know your thoughts in the comments below 👇If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more:X: https://x.com/MakingMedPodInstagram: https://www.instagram.com/makingmedicinepod/TikTok: https://www.tiktok.com/@makingmedicinepodcast?lang=enLinkedIn: https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true👍 Like and subscribe for more conversations on FDA policy, biotech investing, healthcare innovation, drug development, gene therapy, AI in medicine, and the future of biotechnology.Timestamps00:00 Intro & Disclaimer00:17 Why China Is Catching Up in Biotech00:31 Meet Congressman Scott Peters01:28 Why San Diego Became a Biotech Hub03:24 The Role of NIH & Research Institutions05:02 Venture Capital & Biotech Growth07:06 The “Pill Penalty” Explained 08:05 The IRA & Medicare Drug Negotiation09:25 Why Investment Incentives Matter11:11 How Small Molecule Investment Was Affected12:20 Political Risks of Supporting Biotech15:17 Why Independence Still Matters in Congress21:26 Rare Disease Investment & Orphan Cures Act24:00 China’s Rise in Biotech Innovation25:27 FDA Challenges & Global Competition27:19 Immigration, Talent & Scientific Leadership30:25 PBM Reform & Healthcare Costs 33:19 Diagnostics, Genomics & Preventive Medicine34:19 Why Congress Needs Better Biotech Education36:35 Closing ThoughtsDISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.#fda #biotech #drugpricing #china #pbm #healthcarepolicy #innovation