Reforms to a US national security regulation are putting off foreign investors and driving down VC investment in the biotech space by as much as 20 percent, says BIO’s David Thomas. In August 2018, Congress passed the Foreign Investment Risk Review Modernization Act (FIRRMA) as part of the Fiscal 2019 National Defense Authorization Act. Whether the ruling was intended to specifically curb investment from China, as many commentators at the time suggested, it has had an adverse impact on venture capital (VC) investment in biotech, according to the Biotechnology Innovation Organization (BIO). Learn More