CEO will spend coming months advocating for industry facing political pressure to lower drug prices

Greenwood

Jim Greenwood will step down as CEO of the Biotechnology Innovation Organization following next year's elections, the $79 million-revenue group announced Tuesday.

Greenwood, 68, is only the second person to lead the biotechnology industry group, taking his current role in 2005 following the departure founding President Carl Feldbaum. His decision to remain through the 2020 elections will provide leadership stability for the association as politicians from both sides of the aisle put increasing pressure on the pharmaceutical industry to rein in drug prices, with BIO representing many drug manufacturers.

"All of us at BIO will continue to depend on his thoughtful stewardship for the next 15 months as we fight short-sighted attempts to drain capital from our sector and curtail the intellectual property rights of innovators," Jeremy Levin, chairman of BIO's board of directors, said in a statement.

Greenwood is a former Republican House member from Pennsylvania. BIO credits his leadership with tripling the size of the organization in size to 176 employees and an $86 million operating budget.

Greenwood will stay on in a transitional role through 2021 but the group did not give an exact date for his departure.