R&D Tax Credit Essential for a Healthier America
WASHINGTON, December 5, 2007 — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Billy Tauzin released the following statement today regarding legislation that will make the research and development (R&D) tax credit permanent:
“Today, PhRMA is calling on Congress to renew, strengthen and make permanent the federal research and development tax credit that will not only help America’s pharmaceutical research companies build upon the incredible arsenal of new treatments and cures, but most importantly, will help arm patients in their fight against disease.
“Now, more than ever, industry and government must continue to work together to address what is becoming an increasingly unhealthy America. Hundreds of millions of patients in America are suffering from disease every day and the number of new patients diagnosed with disease is rising significantly each year. In fact, a recent chronic disease report by the Milken Institute found that more than 109 million Americans suffer from at least one of the seven most common chronic diseases and the total impact on the economy is $1.3 trillion annually.
“Medicines – and other prevention efforts – play a critical role in helping address the growing threat that chronic diseases such as diabetes and heart disease have on the patient health and the U.S. economy. In fact, America’s pharmaceutical companies have dedicated billions of dollars every year – more than $55 billion in 2006 – researching and developing new cutting-edge medicines that save and improve the quality of lives for millions of patients suffering from not only chronic disease but also HIV/AIDS and cancer.
“The incredible investment in the search for new treatments and cures is possible in part because the government provides incentives – such as the R&D tax credit – for companies in the U.S. to research and develop products that help advance the standard of living and healthcare in America. This is why it is critically important that Congress preserve these incentives so that America’s pharmaceutical research companies can sustain their innovation of miracle medicines
“With new medicines and cures in the pipeline, there is also new hope for patients suffering from debilitating and life-threatening diseases. This is why PhRMA – along with several other industries in the U.S. that contribute to a better quality of life for American consumers – support initiatives like the permanent R&D tax credit to help further advance public health and the U.S economy.”
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 $43 billion in 2006 in discovering and developing new medicines. Industry-wide research and investment reached a record $55.2 billion in 2006.
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PhRMA Internet Address: http://www.phrma.org/">http://www.phrma.org
For information on how innovative medicines save lives, visit: http://www.innovation.org/">http://www.innovation.org
For information on the Partnership for Prescription Assistance, visit: http://www.pparx.org/">http://www.pparx.org
For information on the danger of imported drugs, visit: http://www.buysafedrugs.info/">http://www.buysafedrugs.info
Contact: Jennifer Page
(202) 835-3464
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