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Pfizer plans to exit a major biotechnology industry trade association. Cindy Ord/Getty Images for Pfizer/BioNTech

WASHINGTON — Pfizer has decided to leave the Biotechnology Innovation Organization, according to two sources familiar with the planning.

The departure is a blow to BIO, which represents members ranging from small biotech startups to massive pharmaceutical companies. The group on Tuesday announced its new CEO, rare disease advocate and biotech executive John Crowley.

“The economic situation for the industry is difficult indeed and we of course are disappointed that any company would be forced to take a break from its BIO membership. We certainly hope that when economic conditions improve, we can welcome those companies back and welcome new members to join us as well, but it in no way affects our mission of protecting patients and medical innovation in the United States,” said BIO’s Chief Public Affairs and Marketing Officer Rich Masters. Masters said he wouldn’t comment on the status of any particular member.

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