It is important to look at costs across health care systems to fully understand how life-changing medicines are providing a more sustainable path forward. Across the globe, medicines are allowing patients to lead healthier and more productive lives while also yielding significant cost savings.
Our new Prescription Medicines: International Costs in Context explains how medicines benefit patients, health care systems, and the global economy. Advances in treatment are tackling some of the world’s greatest public health challenges. These treatments provide critical savings for health care systems by reducing the need for more costly services. What’s more is the profound impact that biopharmaceutical companies have on the global economy, including the creation of high-skill jobs, R&D investment, and medicines that improve worker productivity.
Key highlights include:
- Medicines are transforming the treatment of some of the world’s most debilitating diseases.
- The development of new medicines is critical for managing future health care spending.
- The innovative biopharmaceutical industry supports over 8 million jobs across the globe.
- Spending on other health care services will rapidly outpace prescription medicine spending in leading economies.
- Many countries could save costs with a more competitive generics market.
Learn more about the cost and value of medicines at www.phrma.org/cost.
Mark Grayson Mark Grayson is deputy vice president of public affairs at PhRMA focusing on intellectual property, trade and international issues. Mark has been at PhRMA for more than 30 years joining PhRMA after a career with large public affairs firms focusing on FDA and financial issues. In his spare time Mark plays squash, bridge and takes long walks with his squirrel-chasing dog Teddy.
Topics: drug cost