Press Release

PhRMA Statement on Patent Reform Agreement

PhRMA March 5, 2010

Washington, D.C. (March 5, 2010) — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Billy Tauzin issued the following statement today about a recent patent reform agreement reached by Members of Congress:

“We applaud Senators LeahySessionsHatch and others for their work in reaching an agreement on patent reform that balances the interests of a very diverse group of stakeholders across American business sectors. This agreement represents another step forward toward our shared goal of legislation that protects the integrity of the U.S. patent system, which provides American businesses with incentives that drive innovation and create jobs across the country. The tireless work by these and other Members of Congress and their staff bears witness to their appreciation of the importance of intellectual property protection to the U.S. economy and to the jobs that it provides. A strong patent system is crucial to our economic competitiveness, especially in these economically trying times.”

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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