All Press Releases for May 26, 2010

Pharmaceutical Intellectual Property, IP Intensive Industries, Better at Creating Jobs, Sustaining Economic Growth According to New U.S. Chamber Study

Study emphasizes importance of "IP Intensive" industries for American productivity, global competitiveness.

    WASHINGTON, DC, May 26, 2010 /24-7PressRelease/ -- A recently released report from the Global Intellectual Property Center (GIPC), a U.S. Chamber of Commerce affiliate, and ndp consulting addresses the importance that "IP Intensive" industries play in American productivity and global competitiveness. The report, "The Impact of Innovation and the Role of Intellectual Property Rights on U.S. Productivity, Competitiveness, Jobs, Wages and Export," examines the economic impact of intellectual property rights in the U.S. economy. The report found that industries which rely heavily on IP, such as pharmaceuticals, aerospace and computers create more jobs, pay higher wages, drive U.S. exports and sustain economic growth better than non-IP-intensive industries. The report also found that these industries were a significant source of highly-skilled jobs and even created jobs during economic downturns. Pharmaceutical innovation not only saves lives, such research also employs millions of workers and pumps billions of dollars into our nation's economy.

"Our thousands of scientists work tirelessly to discover the next medical advance that could help patients. But our innovative lead also has been nurtured by a regulatory environment and public policies that encourage such research," said Pharmaceutical Research and Manufacturers of America (PhRMA) Senior Vice President Ken Johnson in a press release.

The Pharmaceutical industry employs millions of workers, largely thanks to pharmaceutical intellectual property protection and innovation. Pharmaceutical companies rely on drug patents to protect their investments in researching and developing new drugs. Pharmaceutical companies rely on government-granted patents to protect their investments in researching and developing new drugs. It takes 10-15 years and costs more than $800 million on average to bring a new medicine to market.

Without patents to protect all the inventions involved in developing a drug, others could simply copy the drugs immediately and at a reduced price since they did not incur the high costs to develop the drug. Undercutting pharmaceutical intellectual property would seriously impact companies' ability to recoup their costs and reinvest in other research projects.

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About Global Health Progress

Global Health Progress is an initiative that seeks to bring research-based biopharmaceutical companies and global health leaders together to improve health in the developing world. In addition to serving as a convening point for the industry on global health topics, the initiative engages with global health organizations; lends advocacy support to shared goals; identifies best practices for programs that address health needs, and facilitates partnership and research and development efforts to fight neglected diseases in the developing world.


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