Innovation saves

Diseases are insidious.

They rob us and the ones we love of treasured moments: birthdays, anniversaries, graduations. Events we can never duplicate. Time we can never get back.

{mosads}But there is another cost to these terrible afflictions…

The endless hospital stays, countless doctor visits—not only do the costs add up for those affected, but also for society at large.

As President & CEO of BIO, the world’s largest association of biotechnology companies, I know that finding cures is our life’s work.  We are the one industry that is committed not just to developing lifesaving therapies, but also to reducing the financial strain debilitating illness places on all of us.

I know that oftentimes the loudest voices in the room can drown out everyone else. And in recent months, some hedge funds masquerading as biopharmaceutical companies have gotten headlines for outrageous price increases.  Those folks are a small minority – in fact the vast majority of our members are responsible, compassionate, science-driven enterprises looking to improve the human condition.  It is time for the public to see the full picture and for all to recognize the true value these biopharmaceutical innovations bring—not only helping to save lives, but also saving money.

We at BIO are committed to providing that full picture.  This is why we are launching a new education campaign. Our goal is to show the powerful value of innovative medical breakthroughs both for patients and families hoping for a cure and for society at large, by curbing costly hospitalizations, doctor visits, and many other medical expenses.

We don’t need to be world-class biochemists to understand that Innovation Saves – that breakthroughs in biopharmaceutical innovation biotechnology enabled a father to see his son grow up or that innovations in precision medicines helped a mom spend more birthdays with her daughter.

Let’s look at some facts:

Since 1991, we’ve seen a 22 percent reduction in cancer death rates, due, in part, to innovative medicines brought to patients by our industry. The societal financial benefit of helping these patients lead longer and more productive lives is nearly $2 trillion.

The recent development of a cure for Hepatitis C will reduce the need for costly liver transplants and hospital stays, with savings that total billions of dollars.

And in 2008 alone, biopharmaceutical medicines prevented 40,000 cholesterol-related deaths and 82,000 hospitalizations, saving more than $5 billion in just hospital costs.

We’ve come so far, but there is so much more on the horizon.

If a single new treatment for Alzheimer’s could delay the onset of the disease for just 5 years, it would lead to over $367 billion in healthcare savings by 2050.

And if we could reduce cancer deaths by just an additional 10 percent, it would save over $4 trillion during the lifespan of Americans living today.

This isn’t a fantasy. These breakthroughs are closer than ever before. With the right combination of innovation, support, and just a little bit of luck, we can enjoy an era where the diseases that have plagued society for generations are a thing of the past.

But first, we must show the true value of these biopharmaceutical innovations. My organization, through this landmark campaign, hopes to do just that. Prescription drugs are a critical and enormously valuable part of the healthcare system – one that can save patients and the system large sums of money by reducing or eliminating the terrible personal and financial burden of disease.  And unlike most healthcare spending, the prices of medicines come down over time – falling as much as 80% once generics come onto the market.