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Permission to reproduce is granted if proper credit is given. Suggested Citation: Pharmaceutical Research and Manufacturers of America. 2016 biopharmaceutical research industry profile. Washington, DC: PhRMA; April 2016. Copyright © 2016 by the Pharmaceutical Research and Manufacturers of America. Cover image: Hepititus C Virus (HCV)

President and CEO’s Introduction to the 2016 Profile The biopharmaceutical industry is at a pivotal time in medical discovery, which has enormous potential to further revolutionize the treatment of costly and debilitating diseases like Alzheimer’s, cancer, heart disease, and hepatitis C. Our ability to harness recent scientific advances continues to accelerate, and the potential benefits to patients are becoming clearer. Much of this progress is attributed to a deeper, molecular-level understanding of all different kinds of disease. More than 7,000 medicines are in clinical development around the world right now—more than there have ever been— and 70% of medicines have the potential to be first-in-class therapies. From 2000 to 2015, this pipeline spawned more than 550 new medicines that were approved by the US Food and Drug Administration (FDA). This progress is generating a ripple effect across the entire health care system and the 2016 Biopharmaceutical Research Industry Profile details a US business sector delivering greater value than ever before by: • Transforming Patients’ Lives: Decades of promise and progress are now paying off in new medicines that cure 90% of treated hepatitis C patients, help increase survival rates across cancer and other disease groups, and turn previously acute fatal diagnoses like HIV/AIDS into manageable chronic conditions (see Chapter 1). • Lowering Projected Health Care Costs: New medicines continue to help avoid costly hospitalizations and expensive surgeries— arguably delivering greater value than any other component of the US health care system (see Chapter 2). • Strengthening the US Economy: The biopharmaceutical industry supports the hard work of more than 4.4 million American workers—about 854,000 of them directly. The economic output from these jobs was valued at more than $1.2 trillion in 2014, and their pioneering work is exported around the globe, helping keep America ahead of its economic competitors (see Chapter 3). • Helping Improve the Drug Review and Approval Process: Biopharmaceutical companies are exploring ways to incorporate robust, sciencebased understanding of patient perspectives into decisions that promote innovation and the drug development process (see Chapter 4). • Investing For the Long Term: PhRMA members are making greater research and development investments than at any other time in the industry’s history, investing more than $58.8 billion in 2015 alone (see Chapter 5).

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