We are just as committed to making medicines affordable as we are to discovering the treatments and cures that give hope to patients and researchers alike. So that one day, these medical breakthroughs realize their full potential: the ability to save, extend and improve life. For all of us.
At the heart of our commitment are more than 140,000 biopharmaceutical researchers working relentlessly to develop new treatments and cures with the power to transform patients’ lives. Their dedication has already led to breakthroughs in personalized medicine, immuno-oncology and genomics. Research and development (R&D) is the lifeblood of innovation, and with more than 8,000 medicines in development globally, our commitment fuels the new era of medicine.
America’s Biopharmaceutical Companies invested $79.1 billion in 2018 in the search for new treatments and cures. To be eligible for membership in our association, companies must invest at least $200 million and 10 percent of sales, on a three-year global average, in R&D. Most member companies far exceed this threshold.
We champion moving to a health care system based on real value for patients. As part of our broader public policy agenda, biopharmaceutical companies are partnering with insurers to develop innovative and flexible ways to pay for medicines that focus on better results for patients, lower out-of-pocket costs and enable patients to access the right treatments their first time. These new partnerships, as well as the latest payment models, are critical to the success of our mission.
Too often patients have to fight for access to breakthrough medicines. Americans increasingly face higher out-of-pocket costs in their insurance plans, particularly for innovative prescription medicines. For patients struggling to access their medicines, many biopharmaceutical companies offer patient assistance. PhRMA’s Medical Assistance Tool (MAT) is a dedicated search engine that provides patients, loved ones and providers a single point of access to hundreds of public and private assistance programs available to them.
By pioneering and advocating the latest innovations for people everywhere, we continue to go boldly, together.
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