"The IP System Isn't Perfect, But It Works": EFPIA Marks World Intellectual Property Day

The European Federation of Pharmaceutical Industries and Associations (EFPIA) has issued a statement underscoring the vital role of IP as the foundation for pharmaceutical innovation to mark World Intellectual Property Day.   With over 80 medicines approved every year-including some 30 new, approved substances-and over 7,000 medicines currently in development, the system is working to deliver new and improved treatments to patients in need of them, the EFPIA statement explains.   The statement goes on: "The impact of this innovation has been enormous: life expectancy in Europe has increased by nearly a decade over the last 50 years; 2 out of 3 people diagnosed with cancer live at least 5 years; HIV has been transformed from a death sentence to a manageable disease; and over 90% of Hepatitis C sufferers can be cured with a 12-week course of medicine. We are in a phase of exciting, ground-breaking science that has the potential to open up new treatment options for patients in disease areas we thought were previously untreatable."   "With IP-intensive industries accounting for around one third of all jobs in Europe, Member States and citizens, as well as the life science industry, share a strong interest in fostering an IP system that supports innovation both domestically and globally. The incentives and rewards system also strengthens the EU’s competitiveness in global trade and defines it as an attractive investment location for the most innovative industries. This is a framework that has placed the EU at the forefront of pharmaceutical innovation and among the top knowledge-based economies, whilst simultaneously creating wealth and jobs."   EFPIA President, Joe Jimenez added: "The IP system we have today is by no means perfect, but it works... The pharmaceutical industry is working hard to deliver new, more effective solutions to patients in need. There remains great unmet need across the globe. We still don’t have effective treatments for debilitating diseases such as Alzheimer’s and many infectious diseases are still too often fatal. Innovation is our best means of tackling those challenges and IP the most effective tool we have to unlock new solutions."