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.
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.
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.
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.
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.