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PhRMA Statement on Healthcare Reform Coalition
Date:5/11/2009

to innovation is unfaltering, as reflected in the record $65.2 billion invested in R&D by pharmaceutical research and biotechnology companies last year.

"Prescription medicines currently account for only 10 cents of every healthcare dollar spent in the U.S., according to the Centers for Medicare and Medicaid Services (CMS). This 10% share of health care costs is projected to continue through 2018.

"In its most recent analysis of national health spending, CMS reported that overall spending growth in 2007 was at its lowest rate since 1998 -- and attributed half of the decline to lower growth in prescription drug spending. In 2007, retail spending on prescription medicines grew by 4.9% -- well below the 6.1% growth rate for health care overall, CMS said. What's more, recent data from IMS Health show that spending on prescription medicines in the U.S. last year increased by 1.3% -- the lowest growth rate in 48 years.

"PhRMA looks forward to working with Administration, Congress, the coalition members and other healthcare stakeholders on ways to help get a comprehensive health reform package on the President's desk this year."

The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country's leading pharmaceutical research and biotechnology companies, which are devoted to inventing medicines that allow patients to live longer, healthier, and more productive lives. PhRMA companies are leading the way in the search for new cures. PhRMA members alone invested an estimated $50.3 billion in 2008 in discovering and developing new medicines. Industry-wide research and investment reached a record $65.2 billion in 2008.

PhRMA Internet Address: http://www.phrma.org

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SOURCE Pharmaceutical Research and Manufacturers of America
Copyright©2009 PR Newswire.
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