CNBC Cures: Rare disease regulatory hurdles

Summary

In a CNBC Cures segment, Squawk Box host Becky Quick discusses rare disease regulatory challenges with Biotechnology Innovation Organization CEO John Crowley. Crowley argues that the US is in a golden age of medicine but outdated drug regulatory policies are slowing innovation, raising costs, and weakening US biotech leadership. He warns that China's streamlined regulatory process has attracted capital and helped grow more than 4,000 R&D biotech companies, making China a major competitive threat to the US biotech industry.

• Becky Quick interviews John Crowley about rare disease regulatory hurdles.
• Crowley says medicine is in a golden age, with diseases like cystic fibrosis being cured.
• He argues US drug development is too slow, costly, and uncertain, raising the cost of capital.
• Crowley warns outdated US policies are weakening the US as a global rare disease leader.
• China has streamlined its drug development process, attracting capital from US hubs.
• China now has over 4,000 R&D biotech companies, up from a couple hundred a decade ago.
• Crowley calls for a modernized, efficient FDA and flexible rare disease standards.
• Becky notes Crowley's prior role at Amicus Therapeutics and its sale to BioMarin.