Article preview from The RPM Report - June 2009
It's not often than any industry group voluntarily agrees to give up $80 billion in future revenues, but that's what the Pharmaceutical Research & Manufacturers of America is pledging to do to in the context of the health care reform debate. There are a lot of details to work out, but this is a case where what is important is not what PhRMA is giving-but what it gets. Read on...
Article preview from The RPM Report - June 2009
There are a lot of things the members of the Pharmaceutical Research & Manufacturers of America would like to spend $80 billion on.
That sum of money is more than enough to fund a year's worth of R&D worldwide, plus about 30%. It is enough to build hundreds of new, state-of-the-art biologics production facilities. For that matter, it is enough to give every biopharma company employee in the US a one-time $200,000 bonus.
Instead, PhRMA wants to use the money for something else: the trade association has agreed to give the money to the US federal government to help pay for health care reform.
That may sound crazy, but it just might be the smartest thing industry could do with $80 billion right now.
The trade association's commitment, forged in negotiations with the Senate Finance Committee and formally endorsed by PhRMA's board of directors June 19, was announced as an agreement to provide discounted drugs for Medicare Part D beneficiaries who fall into the notorious "donut hole" in the benefit.
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