New Study Details Foreign Efforts To Lure Biopharmaceutical... ( WASHINGTON May 17 2012 -- Despite in...)

New Study Details Foreign Efforts To Lure Biopharmaceutical Companies

Date:5/17/2012

WASHINGTON, May 17, 2012 /PRNewswire-USNewswire/ -- Despite increasing budget pressures, countries around the world are making substantial investments in pro-innovation policies and programs to lure the biopharmaceutical research sector away from the U.S., finds a new study released by Battelle Technology Partnership Practice.

The study, commissioned by the Pharmaceutical Research and Manufacturers of America (PhRMA), further found that while many countries are cutting public expenditures, they are continuing to expand research and development incentives to attract and grow their biopharmaceutical company presence. Despite the short-term costs associated with these investments, foreign governments recognize the long-term economic benefits.

"In countries around the world, governments clearly recognize the potential benefit that biopharmaceutical research companies offer in terms of economic contributions and job growth – especially in a time when economic growth is so fundamentally needed," said PhRMA President and CEO John J. Castellani. "If the U.S. doesn't take similar pro-innovation policy steps to counter these efforts – such as reauthorization of the Prescription Drug User Fee Act, progress on the Trans-Pacific Partnership, intellectual property incentives such as 12 years of data protection for innovator biologics, and a permanent R&D tax credit – our global leadership in medical innovation is at risk."

A U.S. policy framework to help counter these efforts would provide regulatory certainty, ensure patient choice and access to medicines, and incentivize future research and development, he explained.

Battelle's report focused on 18 countries and the European Union. These countries were selected because of their interest in growing an innovation economy through pro-innovation policies and programs that can be applied to R&D-intensive sectors such as the biopharmaceutical industry.

SOURCE Pharmaceutical Research and Manufacturers of America
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