Since 2000, more than 500 new medicines have been brought to patients facing cancer, HIV/AIDS, hepatitis C, and other debilitating diseases. Unfortunately, the profound value these medicines deliver to America’s patients and the health care system has been overshadowed by the actions of a few companies, including Turing Pharmaceuticals and Valeant Pharmaceuticals, that operate more like hedge funds than innovative biopharmaceutical companies.
Here’s what makes PhRMA member companies different:
Develop life-changing medicines for patients
In 2014, the FDA approved a record 41 new medicines. More than 40% were first in class treatments, meaning that they use a completely new approach to fighting a disease, and more than 20% were personalized medicines.
Commitment to discovering new treatments and cures
Companies like Valeant invest on average less than 3% of its total revenue on R&D. In contrast, PhRMA member companies invest on average 20% of total revenue on R&D.
Fuel economic growth and job creation
R&D investment by innovative biopharmaceutical companies not only fosters medicines through the long and complex development process, but also supports a total of about 3.4 million jobs across the country.
Maintain robust pipeline of new medicines
The pipeline for innovative biopharmaceutical companies has never been more promising with more than 7,000 medicines in clinical development around the world, including treatments for Ebola, Alzheimer’s, and many rare diseases.
Help patients access needed medicines
Sponsored by innovative biopharmaceutical companies, the Partnership for Prescription Assistance has helped nearly 9.5 million people in the last decade connect with public and private patient assistance programs that help patients access their medicines for free or nearly free.