Innovative biopharmaceutical research companies have been dedicated to fighting COVID-19 for over two years. Since the start of the pandemic, America’s biopharmaceutical companies have worked around the clock to research, develop and manufacture treatments and vaccines to fight COVID-19. We’ve made unprecedented progress in a short time thanks to decades of experience having produced over 14 billion vaccines globally to date. What’s more, lessons learned during the pandemic are already informing the future of fighting disease.
In new research released by the University of Chicago, data demonstrates what a growing body of evidence has noted: COVID-19 vaccines and treatments helped save millions of lives and billions of dollars in the U.S.
The research shows in the first year of widespread use of COVID-19 vaccines and treatments, at least 699,110 life years in the U.S. alone were saved with $371.6 billion in direct economic benefit resulting.
Furthermore, because of these medical innovations, mitigation measures such as lockdowns which slowed economic activity were able to be reduced, producing $933.1 billion in increased economic activity in the U.S.
As we look to the future, it is critical policymakers recognize the significant value innovative biopharmaceutical research and development has played in fighting infectious diseases. In particular, the robust U.S. intellectual property (IP) ecosystem including manufacturing, helped turn COVID-19 vaccines and treatments from idea to valuable innovation for patients — innovation that’s still being further researched and developed today. And strong IP protections, voluntary technology transfers and partnerships got us to this point where we can make more than enough COVID-19 vaccines for the world, alongside other innovations such as treatments and tests. Upending this system would curb such amazing progress and leave us less prepared for the next pandemic.
The data released is further testament to the value of a robust private sector biopharmaceutical industry in fighting COVID-19. Despite these successes, there’s more work to be done. Biopharmaceutical companies continue to research new ways to fight this pandemic through novel vaccines and treatments and ensuring there is manufacturing capacity to meet demand. These investments include variant-specific vaccines, new antiviral treatments, pediatric clinical trials and more.
Learn more about our ongoing work to fight COVID-19 at PhRMA.org/Coronavirus