Intellectual property (IP) is the foundation of biopharmaceutical innovation that brings lifesaving treatments and vaccines to people around the world.
PhRMA launches education campaign on the benefits of America’s IP system.
Did you know that every low-cost generic medicine started out as a patented brand medicine?
Intellectual property (IP) is the foundation of biopharmaceutical innovation that brings lifesaving treatments and vaccines to people around the world. But it does something else, too. America’s IP system was set up to support a robust market for lower cost generics and biosimilars to keep medicine costs for patients and the health care system in check.
That’s why today the Pharmaceutical Research and Manufacturers of America (PhRMA) launched a new education campaign to highlight the many benefits of America’s world-leading system of IP protections. This unique system promotes innovation, competition, and choice — and ultimately lower costs at the pharmacy counter.
There is broad bipartisan support for IP protections, but some policymakers and influencers seem to have forgotten about the full lifecycle of a medicine. There is a misguided focus in Congress and the administration on policies that would weaken IP rights in the name of lowering drug prices. But as the new campaign spotlights, the IP system is actually the vehicle for lower costs.
No company or individual has a monopoly on treating a condition. Medicines often face immediate competition from other brand medicines and eventually from generics and biosimilars. In fact, 90% of all medicines dispensed at the pharmacy counter are generics and biosimilars. Generics cost 80% less on average than name-brand alternatives, with an average copay of just $6.
America leads the world in medical innovation because our unique ecosystem strikes the right balance between promoting innovation and affordability. We urge policymakers to preserve strong IP protections and the long-term benefits this system provides to patients and society.
Get the facts about biopharmaceutical IP here as we continue sharing resources on the many ways Americans benefit from our world-leading innovation ecosystem, supported by IP.
