The COVID-19 crisis has highlighted the critical role that biopharmaceutical innovation plays in our lives, including the role of young biopharma companies, which actually account for two-thirds of all biopharmaceutical enterprises, in developing testing, treatments, and vaccines. The U.S. is fortunate to have the world’s most vibrant ecosystem for life-sciences innovation, supported by a range of robust policies, including strong intellectual property protection, robust federal funding of early-stage research, a strong drug approval system and a drug payment system that supports innovation. This system is already paying dividends as America grapples with COVID-19. But, as they say, past performance is no guarantee of future results, especially if U.S. policy weakens critical success factors.
Marking the release of a new report, ITIF hosted a discussion with experts and leaders from leading biopharmaceutical startups to discuss current challenges and opportunities, and what the federal government should and should not do to maintain this unique American strength.