World IP Day 2024: Supporting an innovative and sustainable future

Today, PhRMA joins innovators from across the globe in celebrating World Intellectual Property Day. This year’s theme recognizes the importance of intellectual Property (IP) in supporting progress on the United Nation’s Sustainable Development Goals (SDGs) by “building our common future with innovation and creativity.” The SDG’s are a call to action for global partnership toward peace and prosperity for people and the planet. With individual goals spanning health and well-being, equality, economic growth, innovation, sustainable communities and climate action, progress towards the SDG’s is dependent on innovative solutions to complex, intertwined problems.

Innovative medicines and vaccines are a crucial part of the solution to our most pressing health care challenges. They dramatically reduce the disease burden on patients and help people avoid hospital stays, physician office visits and other costly health care services. And unlike other parts of the health care system, innovative medicines become low-cost generics and biosimilars that provide long-term value to individuals and society. None of this is possible without strong IP protections to encourage medical breakthroughs.

PhRMA is committed to helping patients across the globe live longer, healthier, more productive lives. The industry’s works in achieving the SDGs includes:

• Health and well-being: A record number of new medicines launched globally in 2021 and more than 8,000 medicines are in the pipeline today. For example, we are improving survival rates for breast cancer and pediatric leukemia with cell and gene therapies, and advances in sickle-cell treatments are helping address health equity concerns.
• Economic growth: The biopharmaceutical industry is a key component of the U.S. innovation economy, supporting more than 4.4 million high-skill jobs and contributing more than $1.4 trillion in economic output.
• Fostering innovation: Our scientists are now able to deliver medicines that are more personalized and convenient for patients, meaning more time with loved ones. Biopharmaceutical companies are transforming medicine development using new technology, including AI, and collaborating with partners to identify promising ideas, improve R&D and clinical trials, and safely deliver medicines faster.

Biopharmaceutical research, development and manufacturing relies on the global IP and innovation ecosystem to enable risk-taking and collaboration on a massive scale. As the world continues to work towards a common future with innovation and creativity, IP must continue to be valued and celebrated.