About Biopharmaceutical Innovation
Orexigen believes strongly in the value provided by the ongoing innovation of the biopharmaceutical industry - for patients, for the physicians who treat them, for their caregivers, as well as for the broader healthcare system. Through advancements in the science of healthcare by biopharmaceutical companies, patients are receiving an increasing number of new, effective, reliable, and safe treatment options for a multitude of diseases. For patients, these medical advances represent better treatment options to manage their disease, with the potential to improve their daily lives and the ability to reduce the costs associated with their healthcare.
Today, more than 7,000 medicines are in development around the world. 70 percent of these treatments are potential first-in-class therapies.
From 2000 to 2013, more than 450 new medicines were approved by the FDA. Investment in medical innovation continues to grow rapidly. New products generated through pharmaceutical R&D have contributed meaningfully to advancements in medicine, including:
- 83% reduction in the U.S. HIV/AIDS death rate
- 20% reduction in U.S. cancer death rates from their peak
- 94% cure rate for Hepatitis C
Beyond the benefit to patients, continuing development of innovative therapies significantly impacts the healthcare system as a whole. Both improved general health of the population and reduced spending on other direct medical expenditures such as hospitalizations and skilled nursing facility care are possible through innovative biopharmaceuticals.
As general healthcare costs continue to grow, the need for continued development of new treatments has never been greater. The development of innovative biopharmaceuticals is a complex process. Significant advancements typically result from iterative innovation over time.
Biopharmaceutical innovation is also an important economic engine. According to the National Science Foundation, the pharmaceutical sector is responsible for nearly 20 percent of all U.S. business R&D spending. According to Battelle, the U.S. biopharmaceutical sector supported a total of about 3.4 million jobs in 2011, including approximately 810,000 direct jobs.
Learn more at PhRMA.org