Information
Organization's Own Description:
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading pharmaceutical industry 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 $49.5 billion in 2011 in discovering and developing new medicines.
America’s biopharmaceutical research sector is the global leader in medical innovation, with more than 300 new medicines approved by the Food and Drug Administration in the last decade. Roughly 2,900 compounds are currently being studied in the United States -- more than all other regions.
The Pharmaceutical Manufacturers Association was founded in 1958. Its name was changed to the Pharmaceutical Research and Manufacturers of America in 1994 to underscore the extraordinary commitment of member companies to research.
Over a quarter century, the biopharmaceutical industry has evolved, with five major trends characterizing the changes: increased complexity of the research and development process; continued investment in R&D; increased use of medicines in health care; increased value for today's patients; and continued importance of patent incentives for innovative medicines.
PhRMA's mission is to conduct effective advocacy for public policies that encourage discovery of important new medicines for patients by pharmaceutical and biotechnology research companies.
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