WASHINGTON, Jan. 17, 2019 /PRNewswire/ -- The Pharmaceutical Research and Manufacturers of America (PhRMA) announced today that Genentech, a member of the Roche Group, South San Francisco, and Gilead Sciences, Inc., Foster City, California joined the association as members. Genentech and Gilead Sciences are two of the world's leading biopharmaceutical companies dedicated to discovering and developing medicines to fundamentally change how patients with life-threatening disease are treated. With the addition of Genentech and Gilead, PhRMA now represents all of the top 20 biopharmaceutical companies.
"PhRMA represents companies that are focused on making the promise of science a reality," said Stephen J. Ubl, president and chief executive officer of PhRMA. "I am proud to welcome two companies, Genentech and Gilead, who do just that into our membership. These companies also embody our commitment to proactively work with policymakers and stakeholders on common-sense policy solutions to evolve the health care system."
Genentech and Gilead bolster PhRMA's efforts to advance its proactive policy agenda. These policy solutions include more value-based contracts, delinking the supply chain from the list price, fixing the 340B Drug Pricing Program and ensuring patients benefit from negotiated rebates at the pharmacy. Our industry believes that taken together, these solutions will lower costs, improve patient affordability and create an environment that fosters and sustains innovation for years to come.
"Collaboration among all stakeholders is essential to solving today's most pressing health care challenges," said Bill Anderson, CEO, Roche Pharmaceuticals and acting head of Genentech's executive committee. "We're committed to finding solutions to complex problems, sustaining scientific innovation and ensuring people have access to the breakthrough medicines they need. As a member of PhRMA, we look forward to additional opportunities to engage in constructive dialogue that drives positive change for the health care system and lasting benefits for patients."
"We have a deep appreciation for the work PhRMA does as an organization to ensure that our industry can continue to pursue innovative new solutions and, importantly, to ensure patients have access to that innovation," said Gregg Alton, Gilead's chief patient officer and interim chief executive officer. "We are looking forward to being a part of the important conversations and efforts that can help serve a greater number of people in need."
In 2017, the PhRMA board of directors approved new criteria for membership to ensure the association represents companies dedicated to researching and developing new, innovative medicines. Companies must meet the following research and development (R&D) criteria to be eligible to join the association:
- A three-year average global R&D to global sales ratio of 10 percent or greater; and
- A three-year average global R&D spending of at least $200 million per year.
Most PhRMA member companies invest significantly more in R&D than required by the new criteria. On average, PhRMA members invest 20 percent of their revenue in R&D, and the biopharmaceutical sector accounts for 17 percent of all domestic R&D funded by U.S. businesses – far more than the software (11 percent), automobile (6 percent) and aerospace (4 percent) industries. For more information on Genentech and Gilead Sciences, visit:
Gilead Sciences: https://www.gilead.com/
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country's leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier, and more productive lives. Since 2000, PhRMA member companies have invested more than $600 billion in the search for new treatments and cures, including an estimated $71.4 billion in 2017 alone.
SOURCE Pharmaceutical Research and Manufacturers of America (PhRMA)