innovation and the development of ideas into usable products that change lives.
Roughly 300 new medicines have been approved in the last decade for use by patients in the U.S, and biopharmaceutical research companies have invested upwards of $1.2 billion over 10 to 15 years in developing each of those new medicines. It’s not an exaggeration to say that this wouldn’t have happened without intellectual property and the incentives that it provides. These medicines have changed – and saved – millions of lives.
The benefit to IP-protected innovation doesn’t stop there. Innovative research and development provides jobs across America, including nearly 20,000 biopharmaceutical research sector jobs in Washington State. Many of these jobs exist thanks to proactive efforts by state government and legislators to promote the sector. Unfortunately, the federal initiative to restrict patent settlements would offer a blow to biopharmaceutical research companies and the jobs they provide in Washington State.
Patent settlements, now under assault in Washington, D.C., save time and money by freeing up the legal system. But more importantly, they get patients the more-affordable medicines that they need and they help to provide the promise of life-saving new medicines for tomorrow.
