WASHINGTON, Nov. 17, 2017 /PRNewswire-USNewswire/ -- Today, more than 100 research and patient organizations signed a letter to President Trump and Congress urging them to support policies that foster medical innovation.
"Many trading partners are violating biopharmaceutical companies' intellectual property rights. They're implementing artificially low reimbursements on medicines or imposing price caps that reduce potential for more R&D and access to new medicines," said Andrew Spiegel, executive director of the Global Colon Cancer Association, which started the letter. "These policies undercut life sciences research, much of which is done in the U.S., reduce access to medicines, and stifle research projects that lead to future cures."
The United States is a global leader in medical innovation. America is testing more than 3,400 new medicines, accounting for half of all new drug development worldwide. Seven in 10 of these new drug creations would be first-in-class. This robust research stimulates the U.S. economy. U.S. biopharmaceutical companies employ more than 800,000 workers and support more than 4.7 million American jobs.
"President Trump's Asia tour and the NAFTA renegotiations mark an unprecedented opportunity to strengthen IP protections and market-based reimbursement practices in trade deals," said Spiegel. "These protections are crucial. With them, U.S. biopharmaceutical companies can continue to employ millions of Americans. They can also create the next generation of medicines and treatments to save lives."
Global Colon Cancer Association
SOURCE Global Colon Cancer Association