A bill in Congress aimed at lowering prescription-drug prices would derail biotechnology venture investment, venture capitalists said in a press conference Wednesday.

The bill, H.R. 3, would enable Medicare to negotiate with drugmakers for certain expensive and commonly used drugs, and these prices couldn't exceed 120% of the drug's average price in a group of international countries, The Wall Street Journal has reported. If companies refused to negotiate or didn't agree to the price, they would be subject to an excise tax of up to 95% of that drug's sales. READ MORE