House to vote on bill aimed at speeding approval of drugs

MarketsAssociated Press

The House plans to vote next week on a $6.3 billion bill aimed at speeding federal approval of drugs and medical devices and boosting biomedical research.

The legislation seeks to streamline how federal regulators assess the safety of new treatments and let them reach markets more quickly. It provides new money for the National Institutes of Health and Food and Drug Administration, including funding for the White House's cancer moonshot and precision medicine initiatives.

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The bill also seeks $1 billion in grants to states to fight opioid abuse.

The chairman of the House Energy and Commerce Committee, Fred Upton, announced the draft bill on Saturday along with the Senate panel's chairman, Sen. Lamar Alexander.

The bill includes provisions pushed in part by Democrats aimed at addressing mental health issues.