Tomorrow, the Senate Finance Committee will hold a hearing on the cost of medicine. No doubt, this is an issue that is impacting millions of Americans and it’s good that Congress is continuing its discussion of lowering health care costs. Manufacturers urge Congress to focus on solutions that are market-based and that recognize the unique global leadership role biopharmaceutical manufacturers in America play. Why? More new medicines are created in the United States than every other single country in the world—combined. America’s biopharmaceutical manufacturers have come up with cures for the uncurable, they’ve worked to eradicate entire diseases from the face of the planet, they’ve brought hope to millions and they continue to overcome nearly every impossibility placed before them. The fact that our country far outpaces every other country in the discovery of new cures is no coincidence. While the system we have can certainly use improvements—such as better aligned incentives that promote value to both patients and their employers who sponsor health insurance—Congress should take care not to do so at the expense of the development of the best-in-class treatments of tomorrow that can bring hope and healing to so many more who are suffering today.
In addition to leading the way on innovative new cures, biopharmaceutical manufacturers are also leaders in research and development (investing more in R&D than any other industry) and employment in the STEM fields. Jobs in this sector of manufacturing are extremely well-paying, with an average annual salary of $80,458.
Chronic conditions like diabetes, heart disease, asthma and others continue to increase health care costs. Medicines and new treatments are the way to stabilize these conditions so that people can remain healthy and productive. With this in mind, manufacturers look forward to tomorrow’s hearing and we look forward to working with policymakers on solutions on the cost of medicine that are market-based, pro-innovation, and reject the kind of socialist ideas that could destroy our country’s global leadership in developing the cures of tomorrow.