The pharmaceutical industry is despised by Americans. The last Gallup poll to monitor the opinion of the public of 25 different sectors ranks it the least. Even with a net favorability of 27 points, the federal government is more popular compared with the pharmaceutical negative rating of 31 points.
The criticism is false. It is true that there are a few bad actors in the biopharmaceutical industry who are pricing and cutting regulatory corners. Nevertheless, the majority of drug manufacturers are responsible for business people who spend billions on inventing life-saving drugs.
They will be worse off if we let our collective anger turn into concrete measures against technology – like the regulation of drug prices.
The lion’s share of the medical progress of American pharmaceutical researchers should be credited. Throughout 2017, pharmaceutical companies invested $97 billion throughout research and development in the US. That’s more than double the government’s scientific research budget.
Through these efforts, Americans are overcoming lethal diseases. Since the 1990s, death rates for cancer have dropped by almost 30%. Researchers credit close to three-quarters of these survival gains to breakthrough new medicines.
The diagnosis for HIV / AIDS has also been improved by biopharmaceutical studies.
Recently, researchers have focused on new types of drugs, including gene and immunotherapy, that reprogram their own bodies in patients to fight the disease. Doctors now treat hemophilia, leukemia, and blindness using these cutting-edge medications.
Most drug companies set reasonable prices to enable them, while preserving patients ‘ access to new therapies, of recovering investments and financing future research.
Americans are able to look to innovators such as Late Maurice Hilleman, a Merck scientist who has produced 8 of the 14 most popular children’s vaccinations, like chickenpox or measles vaccines, and get a real sense in the pharmaceutical industry.
There’s no perfect biopharmaceutical industry. No sector is. But every day, drug companies work to cure our most deadly diseases and risk billions of dollars.