Today PhRMA is releasing our annual R&D numbers, in which we track how much America's biopharmaceutical research companies invested in 2010 on the discovery and development of tomorrow's potential new medicines.
Ours is a sector that has, like many others, faced challenges; after all, biopharmaceutical research companies are certainly not immune to the economic pressures that have plagued American businesses.
That's why it's so gratifying to see that in 2010, America's biopharmaceutical sector spent a total of $67.4 billion on R&D - a $1.5 billion increase over 2009. Of this, PhRMA member companies contributed an estimated $49.4 billion.
The fact of the matter is that biopharmaceutical companies can't give up on their commitment to R&D, because it represents their futures.
The numbers confirm this. When they had to tighten their belts in so many different ways, America's biopharmaceutical research companies dug deeper in order to innovate.
Why? Because the money they're spending today is an investment in their future - and in the future of America's patients. They don't enjoy short-term rewards, but rather persevere each day, each month and each year in the hopes that down the line, they'll see the reward.