Press Release

Statement on Ongoing Investments in Domestic Innovation

PhRMA February 8, 2011

Washington, D.C. (Feb. 7, 2011) — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO John J. Castellani issued the following statement today regarding the President’s call to invest in America’s economy:

“PhRMA shares the goal of President Obama, as outlined Monday before the U.S. Chamber of Commerce, of helping to ensure that America remains the world’s leader in developing, manufacturing and exporting products, including medicines.

“In ways small and large – establishing a new council on jobs and competitiveness, streamlining outdated regulations and making permanent the tax credit for domestic research and development – U.S. leaders need to continue to build a strong foundation for retaining and growing jobs domestically.

“Such a comprehensive public policy framework is essential for cultivating an environment that encourages companies to remain and grow in the U.S.

“Well before today’s call by the President to invest in the U.S., America’s biopharmaceutical research companies have continued to devote significant private-sector resources toward domestic innovation.

“In doing so, our companies – which create today’s medicines and tomorrow’s cures – have become essential drivers of job creation across the nation. Combined, our companies employ around 650,000 high-skill, high-wage men and women. Direct jobs support nearly 3.7 additional American jobs, such as construction workers who build the high-tech manufacturing facilities and laboratories where drug discovery and development occur.

“The valuable medical therapies that our member companies produce represent an increasing portion of America’s exports; biopharmaceutical exports grew by nearly 60 percent from 2005 to 2009.

“While the U.S. retains an advantage in medical innovation, it’s ours to lose to global competitors such as China, Brazil and India. Retaining and extending policies that secure our industry’s future and promote the growth of research and development investment here in the U.S. needs to become a key priority across all sectors.”

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 $45.8 billion in 2009 in discovering and developing new medicines. Industry-wide research and investment reached a record $65.3 billion in 2009.

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