Contributed by PhRMA, a Co-Sponsor of the NC Chamber’s Health Care Conference on September 20, 2019.
In 2017, the biopharmaceutical industry sponsored nearly 1,200 clinical trials across the state of North Carolina. 42,279 patients participated in these clinical trials, and biopharmaceutical innovators invested $648.6 million in these sites – resulting in a total economic impact of roughly $1.8 billion. North Carolinians participating in clinical trials aren’t the only ones benefiting from the industry’s investment in the state; the biopharmaceutical industry was directly responsible for 44,569 jobs in 2015 and supported some 314,325 jobs statewide.
According to PhRMA’s 2019 member survey, last year our member companies invested $79.6 billion in research and development (R&D). This data, released alongside our 2019 Biopharmaceutical Industry Research Profile, revealed roughly $1 out of every $5 in revenue was devoted to R&D last year.
North Carolina, home of the Research Triangle, is no stranger to the value of research and its positive impact on local economies. But what good is innovation if patients can’t benefit from the cutting-edge treatments and cures being brought to market? At PhRMA, we are committed to putting forward solutions to ensure patients can afford and access their medicines. That’s why we are proud to support proposals that lower patients’ out-of-pocket costs, increase market competition and help level the playing field so what patients pay reflects the discounts and rebates manufacturers provide to insurers.
While we encourage legislators in North Carolina to keep these solutions in mind as they work to expand their constituents’ access to affordable, quality health care, our work doesn’t stop there. Recently, PhRMA launched a new tool – the Medicine Assistance Tool, or MAT – to help connect eligible patients with more than 900 public and private assistance programs.
MAT was designed to help patients, caregivers and health care providers navigate our complex health care system. To access the tool, visit mat.org and be prepared to enter some basic information such as your current medications, location, household income and insurance coverage, if any. The tool will then provide information about assistance programs you may qualify for.
The biopharmaceutical industry is working to bring new treatments and cures to patients – and taking steps to ensure they can afford them. For more information about our new Medicine Assistance Tool visit mat.org.