Washington, D.C. (February 16, 2010) — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Billy Tauzin issued the following statement today regarding the Department of Justice Task Force on Intellectual Property:
“PhRMA applauds the Department of Justice’s creation of a new task force on intellectual property (IP) and looks forward to working with the Administration on this issue so critical to future innovation in the U.S.
“America’s pharmaceutical research and biotechnology companies invest billions of dollars each year researching and developing new medicines, and they depend on strong and reliable IP protections to continue their important work in research labs across the nation. Intellectual property rights afforded to America’s pharmaceutical research companies help them recoup their incredible investments in the discovery of new medicines, and give them a chance to survive and fund further research in a highly competitive environment.
“In trying economic times, it is important that sound policies support America’s innovative industries – which employ millions of Americans – by protecting the intellectual property on which they depend."
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading pharmaceutical research and biotechnology companies, which are devoted to inventing medicines that allow patients to live longer, healthier, and more productive lives. PhRMA companies are leading the way in the search for new cures. PhRMA members alone invested an estimated $50.3 billion in 2008 in discovering and developing new medicines. Industry-wide research and investment reached a record $65.2 billion in 2008.
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